Reducing carbon emissions important for sustainable energy security - Azerbaijani minister PHOTO

The development of the oil and gas sector with a reduction in carbon emissions is important for sustainable energy security.

Energy Minister Parviz Shahbazov made the remarks at a meeting with Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC) Haysam al–Gais during his visit to Azerbaijan, Report informs, citing the Energy Ministry.

Shahbazov noted that based on this approach, cooperation on a broader platform with the participation of Azerbaijan, OPEC, and other countries and organisations is necessary: "We must develop our efforts to stabilise the oil market in this direction as well."

The meeting discussed cooperation between Azerbaijan and OPEC within the framework of the "Declaration on Cooperation", the country's participation in regulating the global oil market, as well as the current situation and development trends related to supply and demand dynamics.

Earlier on June 19, Azerbaijani President Ilham Aliyev and Haitham Al Ghais discussed the prospects for cooperation in Baku.

The successful cooperation of Azerbaijan with OPEC+ countries was highlighted at the meeting. The Secretary-General underlined that Azerbaijan had contributed much under the leadership of President Ilham Aliyev to the OPEC+ format from the first day of its establishment. Haitham Al Ghais thanked the head of state for this.

At the same time, they touched upon the role of the activity in the OPEC+ format in the global oil market today and underlined that stability was maintained in this market until now thanks to the activity in this format.

During the conversation, they discussed the current issues in the field of fossil fuels and stressed the importance of allocating investments to this area in the future. Taking into account the increasing demand for energy as a result of the growth of the world economy, they noted that the recent reduction of investments in this field has caused some concern.

Along with the progress made in the green energy area in the world, the important role played by traditional fuel was emphasized at the meeting. They noted that the application of new technologies is of particular importance in terms of reducing environmental damage in the field of traditional energy.

During the conversation, they exchanged views on the prospects for cooperation.