Minister: Azerbaijan always supports activity of OPEC+

Parviz Shahbazov,Azerbaijan’s Energy Minister

© APA | Parviz Shahbazov,Azerbaijan’s Energy Minister

# 25 August 2022 11:24 (UTC +04:00)

"Azerbaijan always supports the activity of OPEC plus that owns an efficient and effective regulatory mechanism for stabilizing the world oil market.,” wrote Azerbaijan’s Energy Minister Parviz Shahbazov on Twitter, APA-Economics reports.

"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. 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 plus to minimize the consequences for the oil market, which is suffering the high volatility," the tweet reads.