Energy Minister: Situation on global oil market defines new priorities for cooperation within OPEC

21.06.2018,17:41


June 21, Fineko/abc.az. Energy Minister Parviz Shahbazov of Azerbaijan delivered speech at the 7th OPEC international seminar "Oil - cooperation for sustainable future" in Vienna.

The Azerbaijani Ministry of Energy reports that during his speech the minister spoke about the role of oil in the world economy in the future, the current trend in the oil market and the development strategy of Azerbaijan as an oil country.

"The minister stated that the goal of stabilizing oil prices within the framework of cooperation in format OPEC+ has been achieved, but the situation on the global oil market determines the new priorities for this cooperation. The pace of economic development in the world, development of the petrochemical sector and renewable energy sources still cannot replace oil, and this factor will ensure the advanced position of oil in the energy balance in the future," the Ministry said.

During the seminar Minister Shahbazov met with company Equinor’s vice president for global strategy & business development Al Cook, with whom he discussed the importance of opening the Southern Gas Corridor and TANAP pipeline, and the new directions of cooperation in the field of alternative energy sources.