Azerbaijan pursuing balanced energy policy, minister tells OPEC+ meeting

Azerbaijan is pursuing a balanced energy policy that combines the development of renewable energy with continued investment in oil and natural gas, Energy Minister Parviz Shahbazov said, arguing that the global energy transition is complementing rather than replacing hydrocarbons.

Speaking at the inaugural meeting of the Technical Committee of the OPEC+ Charter of Cooperation (CoC) in Baku, Shahbazov said oil would remain a key pillar of the global economy and energy security for decades despite the rapid expansion of renewable energy, Caliber.Az reports, citing local media.

He said global installed renewable energy capacity rose by 15.5% last year, but this had not diminished the importance of hydrocarbons in the global energy mix.

"On the contrary, against the backdrop of rising energy demand, renewable energy sources have complemented the existing system.

This reality once again confirms that the current energy transition is not a process of replacement, but one of complementarity," Shahbazov said.

He said Azerbaijan's energy strategy is based on the parallel development of renewable energy alongside oil and natural gas, with the aim of building a sustainable energy system supported by diversified and reliable export routes.

"The energy crisis of recent years has shown that energy security cannot be ensured by relying on individual energy sources, but through a policy based on the balanced development of all forms of energy," he said.

Shahbazov added that Azerbaijan currently exports oil to nearly 20 countries across Europe and Asia. The country's daily oil production, including condensate, averages 553,000 barrels, while daily exports stand at 445,000 barrels, he said.