Parviz Shahbazov: "At least 2 years are necessary for stabilization of oil market"
- 02 July 2020
Azerbaijan's Energy Minister Parviz Shahbazov has called on to increase number of participants of OPEC+ agreement to reduce oil production, the Minister said in this regard at the international conference, entitled "Global energy and international political risks", jointly held by Center for International Relations Analysis and Valdai International Discussion Club virtually, APA-Economics reports.
"Stability in the oil market meets the interests of all participants. From this point of view, I consider essential to involve countries and organizations and expand OPEC+ format much more", said P. Shahbazov.
He added that Azerbaijan intends to continue its obligations within the framework of the OPEC+ Agreement: "Azerbaijan approves its loyalty to obligations and will continue to plan an active role in provision of stability in the oil market."
P. Shahbazov considers that it may take at least two years for oil demand to recover from pre-crisis levels.
"Unfortunately, taking into consideration current uncertainty, full restoration of the demand in the future should not be expected. According to some calculations, at least 2 years are necessary for stabilization of oil market", added the Minister.