Azerbaijani energy minister: OPEC+'s latest decision aimed at preventing imbalance in market PHOTO

"The latest OPEC+ decision aims to prevent market imbalances and as production falls short of quotas, the actual cut will be around 1 million barrels."

Minister of Energy of Azerbaijan Parviz Shahbazov stated this during his speech at the Russian Energy Week in Moscow, Report informs.

The Minister said that OPEC + cannot completely eliminate the influence of all numerous factors, including geopolitical ones, on the oil market. However, adequate decisions on oil demand development forecasts provide constant support for the balance of supply and demand.