12:28 - 20.05.2019

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May 20, reported Fineko/ABC.az. Energy Minister Parviz Shahbazov has held a number of meetings within the framework of the 14th Ministerial Meeting of the OPEC+ Joint Ministerial Monitoring Committee.

During the meeting with Khaled Abdulaziz al-Falih, the Minister of Energy, Industry & Natural Resources of Saudi Arabia, the sides covered the possibilities of mutual investments in the energy sector between the two countries and business cooperation. The ministers discussed the measures to be taken within the Memorandum of Cooperation signed with Saudi Arabia’s ACWA POWER in the field of renewable energy sources.

In a meeting with OPEC Secretary-General Mohammed Sanusi Barkindo the Azerbaijani minister stressed the high level of total commitments on OPEC+ countries as success of cooperation.

He noted that the measures Azerbaijan has taken in previous months to cut oil production had had positive impact on the full implementation of obligations in April. It was noted that the average daily oil production was met by 130% for the first 4 months of 2019.

"Taking a decision for the 2nd half of the year at the Ministerial Meeting in June, we must conduct an extensive analysis given all the geopolitical and economic factors. When balancing the market, we need to think about the global demand for oil for a long period of time and, in this regard, about price stability, which will stimulate investments in the oil industry," Shahbazov emphasized.