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“Azerbaijan has become important participant in oil market’s stabilization” [UPDATE]

30 May 2018 10:10 (UTC+04:00)
“Azerbaijan has become important participant in oil market’s stabilization” [UPDATE]

By Trend

Azerbaijan has become an important participant in the oil market’s stabilization process, Azerbaijani Energy Minister Parviz Shahbazov said at the 25th International Caspian Oil & Gas Exhibition and Conference in Baku May 30.

He said that this process of cooperation is taking place within the OPEC+, in which Azerbaijan actively participates.

“Cooperation and corporate relations have become an important factor of the development of the market,” said Shahbazov. “Some time ago we observed strong volatility of oil prices and instability in the market. This even influenced some political decisions. However, the market stability has been recently growing. These efforts to stabilize the oil market should be continued.”

The minister noted that cooperation within the OPEC+ has reduced volatility and stabilized the balance of supply and demand.

“This cooperation is necessary to regulate the situation in the market, considering new trends,” Shahbazov said.

The minister added that participation in the market stabilization, as well as the implementation of major projects, made Azerbaijan an important member of the world energy community.

“The extension of the Azeri-Chirag-Gunashli (ACG) contract, the signing of a new production sharing agreement (PSA) for the Block D230 and for the shallow water area around the Absheron Peninsula, are in line with the strategic goals of increasing Azerbaijan’s resources in conditions of forecasts of the growing global demand for energy,” Shahbazov said.

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