Azernews.Az

By Trend

OPEC expects to continue close cooperation with Azerbaijan within the framework of OPEC+, said the Secretary General of the organization, Mohammed Barkindo, within the framework of the 25th Anniversary Caspian International Oil & Gas Conference in Baku.

OPEC General Secretary noted that he visits Baku, which he calls the cradle of the world oil industry, for the second time in two months.

"The visit to Baku is a pilgrimage for any oilman. This is where the first oil well was drilled more than 150 years ago. Azerbaijan has come a long way of development and continues to grow. In 1994, after signing a contract with an international consortium, investments began to flow in Azerbaijan. These achievements would not have been possible without local labor force," Barkindo said.

OPEC Secretary General also noted the implementation of projects "Shah Deniz-2" and "Southern Gas Corridor".

"The Southern Gas Corridor is changing the energy landscape of the region. Its further expansion will strengthen Europe's energy security guarantees, which also means national security," Barkindo said.

OPEC Secretary General also expressed hope that close cooperation with Azerbaijan will continue and expanded in the future.

"We are working on this issue. Azerbaijan has played a leading role in reaching an agreement on reducing oil production, which was signed 16 months ago and which united 24 oil-producing countries. This unprecedented historical agreement, which allowed for achieving stability in the market, helped to create a transparent platform for all producers, to develop mechanisms to help governments to avoid shocks and volatility of oil prices," Barkindo said.

OPEC Secretary General noted that it is necessary to continue cooperation within OPEC+ for provision of support to this industry and for prosperity of the world economy.

"According to forecasts, it is necessary to invest $10.5 trillion in the oil industry by 2040. We face a serious challenge to meet the growing demand for oil. I invite global producers to join the cooperation with OPEC within our format to achieve economic growth for future generations," Barkindo said.

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