Shahbazov: It is necessary to continue co-op within OPEC+

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It is necessary to continue the cooperation within OPEC+, Parviz Shahbazov, Minister of Energy of Azerbaijan said during a press conference following the OPEC+ meeting in Baku, Trend reports.

“Given the current stability and balance in the oil market, we have no other way than to continue cooperation and further strengthen it, give impetus to this cooperation in order to successfully continue it in the future. We have all the prerequisites for this”, he said.

Shahbazov noted that Azerbaijan has always been actively participating in the implementation of the OPEC+ agreement from the very beginning, since 2016.

“Azerbaijan also actively participated in the creation of the OPEC+ format and in mediatory actions,” the minister added.

The 13th meeting of the Joint OPEC and non-OPEC Ministerial Monitoring Committee will be held in Baku on March 18. Baku hosted the 27th meeting of the Joint Technical Commission on March 17. The participants discussed the current situation in the oil market, existing problems and other issues. The presentation on the pace of development of the oil market was held and the report of the Joint Technical Commission on oil production indicators for February was heard during the meeting.