Ministry of Energy: Azerbaijan is ready to contribute to process of global regulation of oil market

Baku, April 4, AZERTAC

“Azerbaijan is ready to contribute to the process of global regulation of the oil market by participating at the Ministerial Meeting of OPEC and non-OPEC countries to be held in video conference format to stabilize the oil market,” said the Ministry of Energy.

The ministry said: “The world oil market currently faces difficulties due to the sharp decline in global demand for oil and the growth of oil reserves in connection with the weakening of economic activity. Thus, the decline in global demand for oil is estimated at about 10-15 million barrels per day. Daily demand is projected to fall to 20 million barrels a month, and oil depots are expected to fill up in the coming months due to the supply surplus. In this situation, the resumption of discussions in the “OPEC plus” format and a return to the adjustment mechanism is important for the global oil market. We believe that the solidarity and cooperation of oil producers is the only solution to a situation where the oil market is not supported by economic factors.”

“Now we are at the beginning of a new stage in the process of regulating the oil market. Current problems adversely affect not only “OPEC plus” countries, but also countries outside this format. Therefore, we believe that countries outside the “OPEC plus” format should also participate in this process to gradually create a balance in the oil market. In the case of cooperation between OPEC and non-OPEC countries in a wide format, a new regulatory model will be formed for the first time in history, a more effective and fair regulatory mechanism may appear in the oil market. There will be equilibrium and price stability in the oil market.

We hope that “OPEC plus” countries will take steps that will turn this unique opportunity into an important decision. Azerbaijan, as a country that has played an important role in the establishment of the “OPEC plus” format and implementation of decisions by now, is ready to further support the process of regulating the oil market and take on new obligations. In addition, Azerbaijan calls on all oil countries to speak with one voice at the upcoming meeting, providing joint support to the oil market,” the ministry added.

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