Azerbaijani-Saudi cooperation ‘vital’ for stability of global oil and gas markets: minister

Saudi-Azerbaijani cooperation in the oil and gas sector is vital for the stability of global oil and gas markets, Azerbaijan’s Energy Minister Parviz Shahbazov told Asharq Al-Awsat, News.Az reports.

The minister pointed out that Saudi Arabia’s decades-old role in strengthening the global market balance and stabilizing energy prices. Saudi Arabia has always undertaken leadership initiatives and Azerbaijan had joined the OPEC+ group, which is one of the most critical channels for stabilizing the global energy market, he added.

“Currently, we see in this formula one of the most important tools for enhancing stability and achieving balance in the global energy market. It can address developments in a more appropriate way for the market in the future," the minister said.

Shahbazov believes that oil will remain the primary energy source for several years to come. Therefore, the role played by OPEC+ in market stability will stay vital for the future of energy. What is more important than stabilizing prices is ensuring the sustainability of the world’s power supply. Energy prices can change over time, but it will not have the same effect as a shift in global energy supplies.

“For that reason, it is fair to appreciate the efforts of OPEC+,” the minister added.


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