Energy minister: Azerbaijan always supports OPEC+ activities

Energy Minister Parviz Shahbazov has reiterated Azerbaijan's constant support for OPEC+ activities.

He made the remarks on his official Twitter account, Caliber.Az reports.

"Azerbaijan always supports the activity of OPEC plus that owns an efficient and effective regulatory mechanism for stabilising the world oil market," the minister tweeted.

The tendency of the formation of oil futures prices without reference to the balance of supply and demand leads to high volatility and reduced liquidity in the oil market, to instability, he noted.

"This is undesirable for the oil market actors during the global energy crisis intensified by geopolitical factors. I’m sharing my Saudi counterpart HRH Prince Abdul Aziz Bin Salman Al Saud’s concern in this regard and expressing my solidarity in terms of future initiatives within OPEC+ to minimize the consequences for the oil market, which is suffering from high volatility," he wrote.

The trend of oil futures prices developing without being based on the demand-supply balance results in high volatility, and decreased liquidity and instability in the oil market...

— Parviz Shahbazov (@ParvizShahbazov) August 25, 2022

...This is undesirable for the oil market actors during the global energy crisis intensified by geopolitical factors. I’m sharing my Saudi counterpart HRH Prince Abdul Aziz Bin Salman Al Saud’s concern in this regard and expressing my solidarity in terms of future initiatives...

— Parviz Shahbazov (@ParvizShahbazov) August 25, 2022

...within #OPECplus to minimize the consequences for the oil market, which is suffering the high volatility. #Azerbaijan always supports the activity of OPEC plus that owns an efficient and effective regulatory mechanism for stabilizing the world oil market.

— Parviz Shahbazov (@ParvizShahbazov) August 25, 2022