Azernews.Az

By Leman Mammadova

Azerbaijan’s Minister of Energy has said that the key task set for OPEC+ alliance has been fulfilled.

Minister Parviz Shahbazov made the remarks at a panel session titled "Keeping energy ties in unstable world" within the Russian Energy Week forum held in Moscow on October 3.

“Today, after almost three years, we see the results of this collaboration. At present, we can really say that there is no serious volatility in the oil market. There are some fluctuations in the market, but, nevertheless, they are quite insignificant. There are no economic reasons for fluctuations. Thus, the key task that was set for OPEC + has been completed,” he noted.

Shahbazov recalled the history of Azerbaijan’s joining the OPEC + deal in 2016, and the country’s chairmanship at the first meeting of the OPEC + initiative.

“We have ensured stability in the global oil market. Maintaining market stability after the recent attack on Saudi Arabia is further evidence of this. Obviously, we all condemn this incident and regret it, but at the same time, it clearly demonstrated that even after such a serious and sudden reduction in oil supplies on the world market, it was generally possible to maintain a balance,” Shahbazov said.

“Together we really can achieve the results that currently exist. Presently, OPEC + is the only effective mechanism for the global oil market. Therefore, it needs to be maintained and it is necessary to continue to work together,” he stressed.

Shahbazov went on to note that Azerbaijan, as an oil and gas supplier, is seriously working on the development of renewable energy sources.

“We have recently developed a new legislative draft. The project will be adopted by late 2019,” he noted.

Shahbazov pointed out that the Ministry will begin to hold auctions on renewable energy sources by mid-2020.

As part of the forum, Shahbazov held bilateral meetings with energy ministers of several countries, heads of authoritative international organizations and companies, including OPEC Secretary General Mohammed Barkindo. The sides exchanged views on energy cooperation.

Russian Energy Week is being held since 2016. This year, more than 10,000 representatives of over 200 companies from 80 countries attended the forum. The forum discusses prospects for cooperation in the energy sector, investments, energy security and other topics.

As part of Russian Energy Week, which will last until October 5, the 21st Ministerial Session of the Gas Exporting Countries Forum (GECF) will be held.

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Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888

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