Russian expert predicts implementation of Azerbaijani-Saudi projects in Azerbaijan
By Trend
The meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) in Baku is a landmark event, and this initiative is good for Azerbaijan in the first place, Russian expert, deputy director of the Center for Strategic Conjuncture, Mikhail Chernov, told Trend.
The expert noted that this event is indicative of the entire region in that the Caspian state of the South Caucasus has managed to organize on its territory a comfortable discussion of a significant international agenda by OPEC members and large oil-producing countries that are not members of the organization.
"All OPEC + states are interested in market stability, and in order to maintain predictable stable prices, they are ready to make commitments to reduce production. The main stakeholder in this issue is Saudi Arabia. And certain assistance and understanding from Azerbaijan can be fully appreciated in the form of joint Azerbaijani-Saudi projects in the territory of the republic," Chernov said.
However, according to a Russian expert, under current conditions, the possibilities of OPEC+ countries to influence oil prices are rather limited.
The expert noted that the US significantly increased its capabilities in this direction.