Minister: Azerbaijan ready to support further OPEC efforts to maintain oil market balance

By  Trend

Azerbaijan is ready to further support the efforts of OPEC to maintain balance in the oil market, Azerbaijan’s Energy Minister Parviz Shahbazov said, Trend reports March 18.

He was speaking at the opening of the 13th meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) in Baku.

“This event shows the historical role of Azerbaijan in the oil industry,” he said. “Azerbaijan doesn’t export oil in large volumes, but plays a big role in ensuring energy security in the world. I hope that the OPEC+ charter will be finalized soon.”

The minister noted that cooperation between countries is important to prevent risks in the oil market.

“OPEC+ provides main support to the oil market,” he added. “We see positive results of this agreement.”

The 13th meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) is underway in Baku March 18. A day before the JMMC meeting, Baku hosted the 27th meeting of the Joint Technical Commission.