The Azerbaijan State News Agency

ECONOMY

Minister: Azerbaijan has become important player in oil market stabilization process

Baku, June 21, AZERTAC

“Azerbaijan has become an important player in the oil market stabilization process,” said Energy Minister Parviz Shahbazov as he addressed the 7th International Seminar of the Organization of the Petroleum Exporting Countries (OEPC) under the theme ‘Petroleum - cooperation for a sustainable future’ in the Austrian capital of Vienna. Minister Shahbazov was a keynote speaker at ‘World Economy and the Future of Oil’ session. He spoke of Azerbaijan’s rich hydrocarbon resources and the history of the country`s oil industry.

The minister also highlighted the oil sector and export routes of Azerbaijan, including the signing of a new agreement on the Azeri-Chirag-Guneshli fields in the Azerbaijani sector of the Caspian Sea, as well as the extension of its development period until 2050. He also mentioned that a bonus worth $3.6 billion will be paid to the Azerbaijani government by the partner companies.

Hailing the successful cooperation between Azerbaijan and the Organization in OPEC+format, Shahbazov noted that the country has fulfilled its obligation to reduce oil production. He said favorable conditions were created for foreign investors in the country. The minister praised BP and Equinor's contribution to the development of oil and gas deposits in Azerbaijan. He also highlighted the activities of the State Oil Fund of Azerbaijan (SOCAR) and spoke of the country`s huge natural gas deposits.

The 7th OPEC International Seminar also heard speeches by OPEC Secretary General Mohammad Sanusi Barkindo, UAE Minister of Energy and Industry and President of the OPEC Conference Suhail Mohamed Al Mazrouei, Qatar's Minister of Energy and Industry Mohammed bin Saleh Al Sada, Minister of Petroleum of Bolivarian Republic of Venezuela Manuel Salvador Quevedo Fernández and Nigerian oil minister Emmanuel Ibe Kachikwu.

Azerbaijan’s Energy Minister Parviz Shahbazov will also attend the 9th meeting of the OPEC/Non-OPEC Joint Ministerial Monitoring Committee and the 4th meeting of the ministers of OPEC and non-OPEC countries on June 23.

Share news on social media

Follow us on social network

Azerbaijan`s Embassy in Iran resumes its operations

Azerbaijani gymnasts shine at Scalabis Cup 2024

Azerbaijan crowned two-time EuroBasket champion

® "Hexagon: New Technologies and Digitization" conference held in Baku

President Ilham Aliyev: I am confident that we will successfully continue our joint efforts to further expand Azerbaijan-Turkiye relations

Spain 2-1 England: Late Oyarzabal winner earns La Roja record fourth EURO crown

Oil prices rise in global markets

Argentina wins record 16th Copa America title, beats Colombia 1-0 after Messi gets hurt

To His Excellency Mr. Recep Tayyip Erdogan, President of the Republic of Türkiye

President Ilham Aliyev attended opening ceremony of newly renovated Narimanov Park in Baku

Türkiye ‘strongly condemns' assassination attempt on former US President Trump

42 Olympic champions lead Chinese delegation to Paris Olympics

Turkish President Erdogan condemns assassination attempt on Trump

Nearly 40% of fugitives of terror group behind failed 2016 coup bid now in US, Germany: Top Turkish official

Uruguay beat Canada on penalties to finish third at Copa America 2024

Trump says bullet hit his right ear in shooting at Pennsylvania rally

President Ilham Aliyev: We strongly condemn the act of political violence against Trump

Turkish side Besiktas sign Italian forward Ciro Immobile

Ancient city Gordion, Aslanhane Mosque in Türkiye receive UNESCO World Heritage certificates

European Universities Games: Azerbaijani chess players claim silver medal in blitz competitions

Khankendi hosts meeting of working group of Interdepartmental Center on economic issues

Pakistani court acquits ex-Premier Imran Khan, his wife in marriage law violation case

World population is projected to grow from 8.2 billion to a peak of 10.3 billion in 2080s, UN says

The Agreement between the Government of Azerbaijan and the Secretariat of the United Framework Convention on Climate Change, the Kyoto Protocol and the Paris Agreement was approved - DECREE

Azerbaijan's Central Election Commission releases "Handbook for Expert group members"

The global significance of hosting COP29 in Azerbaijan

Azerbaijan, OSCE discuss prospects for bilateral cooperation

Seven Azerbaijani gymnasts advance to final of international tournament in Portugal

At least 9 killed due to landslide in Vietnam's mountainous north

Azerbaijani servicemen demonstrate professionalism at “Birlestik-2024” exercise VIDEO

Speaker of Azerbaijani Parliament attends CIS Inter-Parliamentary Assembly’s Council meeting in Russia

President Ilham Aliyev received OSCE Secretary General VIDEO

Azerbaijan’s President visit to Pakistan: A New Strategic Road Map

Azerbaijani U16 men`s and women`s basketball teams advance to semifinal of Group Phase at EuroBasket 2024

Azerbaijani chess players shine at European Universities Chess Championship 2024

IOC announces first Olympic Esports Games to be hosted in Saudi Arabia

The collapse of a school in northern Nigeria leaves 22 students dead, officials say

NASA drops bizarre ‘Penguin And Egg’ image to celebrate Webb telescope

The incredible figure raised by Real Madrid through first day of Kylian Mbappé shirt sales

COP29 Chief negotiator Yalchin Rafiyev: We are committed to accelerating the transition to clean energy and securing additional sources of financing

President Ilham Aliyev: Azerbaijan and Montenegro enjoy good traditions of friendship and cooperation

To His Excellency Mr. Jakov Milatović, President of Montenegro

SpaceX Falcon 9 rocket suffers failure during Starlink satellite launch

Azerbaijani oil price exceeds $90

Oil prices down in world markets

Civilian plane crashes in Russia killing all 3 on board

First fossil chromosomes discovered in freeze-dried mammoth skin

Azerbaijan’s Central Election Commission registers 519 authorized representatives from 20 political parties

Azerbaijani gymnasts reach final of international tournament in Portugal

Azerbaijan’s Central Election Commission registers authorized representatives of five more political parties

A new era of brotherhood: strengthening Azerbaijan-Pakistan relations

® Kapital Bank announces financial results for second quarter 2024

Azerbaijani gymnasts win bronzes in Scalabis Cup 2024

Oilprice.com: Azerbaijan boosts natural gas exports to Europe

Mazahir Panahov: 150 parliamentary candidates have been approved so far

Baku Higher Oil School hosts Siblings Day

Speaker of Azerbaijan's Milli Majlis meets with Belarussian and Ethiopian parliament speakers

® Win 150 000 AZN in the Birbank Installment Card Lottery

Azerbaijani table tennis players aim for 'medal rush' in European University Games 2024

Genome evidence points to plague in Stone Age European population crash

Participants of 25th Term War Journalism Training informed about terrorism

Azerbaijan`s Central Election Commission hosts seminar dedicated to Parliament candidates registration process

New Zealand’s sea temperatures hit record highs, outstripping global averages

Azerbaijani Defense Ministry’s personnel visited Second Alley of Martyrs

President of Azerbaijan Ilham Aliyev completed his state visit to Pakistan VIDEO

President Ilham Aliyev viewed military exhibition in the "National Aerospace Science and Technology Park" located at the Pakistan Air Force Base Nur Khan VIDEO

President of Azerbaijan Ilham Aliyev held expanded meeting with President of Pakistan Asif Ali Zardari in Islamabad VIDEO

Azerbaijani athlete books Paralympic spot in shot put

Putin says BRICS may establish its own parliament in future

Kazakhstan hosts opening ceremony of “Birlestik-2024” exercise VIDEO

In just another 200 years, world population grew sevenfold, reaching 1 billion, says UN chief

State reception on behalf of President of Pakistan was hosted in honor of President of Azerbaijan VIDEO

Azerbaijan to compete for FIBA U20 EuroBasket 2024, Division B glory

Western Azerbaijan Community calls on Armenian government not to allow destructive activities of people like Oskanian who oppose the territorial integrity of Azerbaijan

‘Azerbaijan’s Central Election Commission invited electoral bodies of 26 countries to monitor parliamentary elections’

Oil prices rise in global markets

Cadets of Baku Military College accomplish practical shooting exercises

A blood donation campaign was held in military unit, Defense Ministry

12 killed, 65 missing in Nepal's landslides

Azerbaijani oil price down in global markets

BP Energy Outlook: both main scenarios see 2025 oil peak, rapid renewables growth

Pakistani Prime Minister: Azerbaijan's victory is an example that how justice and fair play come out in a resounding fashion

President Ilham Aliyev: Azerbaijan and Pakistan support each other on every international case

Together as brothers, now and forever: strengthening Azerbaijan-Pakistan relations

President Ilham Aliyev and Prime Minister Muhammad Shehbaz Sharif made press statements VIDEO

3500-year-old ritual table found in Azerbaijan’s Tava-tepe

2 miners are missing and 17 were injured after a coal mine accident in Poland

Official dinner was hosted on behalf of Prime Minister of Pakistan Muhammad Shehbaz Sharif in honor of President of Azerbaijan Ilham Aliyev VIDEO

Azerbaijan prevailed over Malta to advance to semifinal of FIBA U16 EuroBasket, Division C

Speaker Sahiba Gafarova: France strives to turn the South Caucasus into a zone of confrontation and neo-colonial practices

Ceremony to exchange documents signed between Azerbaijan and Pakistan was held in Islamabad VIDEO

Azerbaijan, ICESCO explore enhancing further cooperation

® "Women Helpline Service” received 412 enquires in first half of year

President of Azerbaijan Ilham Aliyev held expanded meeting with Prime Minister of Pakistan Muhammad Shehbaz Sharif in Islamabad VIDEO

President of Azerbaijan Ilham Aliyev held meeting with Prime Minister of Pakistan Muhammad Shehbaz Sharif in limited format in Islamabad VIDEO

Elusive mid-sized black hole spotted at centre of swallowed galaxy

François Letexier to referee UEFA EURO 2024 final

Romania: bear attacks force politicians back to work

Official welcome ceremony was held for President of Azerbaijan Ilham Aliyev in Islamabad VIDEO

® Moody’s and S&P affirmed Kapital Bank’s Ratings and positive outlook