Azerbaijani Energy Minister held meetings within OPEC+ session

13:41 - 19 March 2019

March 19, Fineko/ The Azerbaijani Energy Minister has conducted a range of meetings within the OPEC+ session.

The Ministry of Energy of Azerbaijan informs that within the framework of the 13th meeting of the Joint Monitoring Committee of OPEC Ministers and countries outside of OPEC, held in Baku, Energy Minister Parviz Shahbazov met with OPEC President, Minister of Petroleum and President of State Oil Company of Venezuela Manuel Quevedo Fernandes, Minister of Energy & Industry of the United Arab Emirates Suhaila al-Mazroui, Deputy Prime Minister of Iraq and Oil Minister Thamir Abbas Ghadhban and CEO of Algerian oil company Sonatrach Abdelmoumen Ould Kaddour.

"During the meetings the parties discussed the impact of the December’s decision to limit oil production on the oil market and the possibility of bilateral cooperation. Energy Minister Parviz Shahbazov thanked for participation in this event, stressing the importance of cooperation within the OPEC+ format for all countries of the organization," the MoE said in a statement.

Manuel Quevedo Fernández underlined that the measures have been taken to prevent a sharp drop in oil production in Venezuela and work is underway to diversify export markets. The minister noted that oil export to India has been suspended, but Russia and China are considered as key directions. The sides also exchanged views on cooperation with the State Oil Company of Venezuela.

In the course of the meeting with the Minister of Energy & Industry of the UAE Suhail al-Mazrui, special attention was paid to the development of bilateral cooperation in the energy sector. The sides exchanged opinions about UAE’s experience in reducing energy production costs and improving the efficiency of electricity generation from gas and renewable energy sources. It was suggested to cooperate in this direction. The parties also stressed the importance of strengthening relations with company Masdar in the field of renewable energy.

Deputy Prime Minister of Iraq and Oil Minister Thamir Abbas Ghadhban spoke about Iraqi-Azerbaijani relationships and cooperation between the two countries in the oil and gas sector. He spoke about the supply to the world market the products of Iraqi origin, as well as crude oil and petroleum products through SOCAR, training of oil and gas specialists in Azerbaijan.

In his turn, Parviz Shahbazov provided detailed information on the ancient oil fields of Azerbaijan, implemented projects of regional and global importance and activities of the State Oil Fund established for the management of oil revenues.

The Iraqi Oil Minister spoke about his country’s achievements in the oil industry, touched on trends in connection with world oil prices and Iraq's activities in OPEC. It was noted that the measures on the modernization and rehabilitation of the balance of the Iraqi oil industry was a priority.

The Azerbaijani minister also met with a delegation led by Algerian oil and gas company Sonatrach’s CEO Abdelmoumen Ould Kaddour. Shahbazov said that the Memorandum of Understanding between the governments of Azerbaijan and Algeria on oil and gas cooperation is ready for signing, and this document will expand a wide range of projects in the field of transportation and sale of hydrocarbons, petrochemical industry, LNG and petroleum products.