Azerbaijan sees oil market stable, backs OPEC+ output hike
Panel discusses role of energy ministers in transition to renewable energy, stresses a balanced approach
Azerbaijan believes the Organization of the Petroleum Exporting Countries and its allies, called OPEC+, are helping to stabilize the world’s oil market with its cautious decision to increase production by 400,000 barrels by day from November.
Speaking to Arab News, the country’s energy minister warned that gas prices are more volatile due to shortages of the energy source in Europe.
He is in Riyadh attending the Saudi Green Initiative Forum that began on Saturday. Saudi Arabia launched the initiative to achieve net zero carbon emissions by 2060 and to promote a carbon circular economy for a better future.
Parviz Shahbazov said the members of OPEC+ — which also includes Azerbaijan — are all in agreement about the restrained oil production rise, despite calls from the US to ramp up output.
He said that the reason “nobody talks about oil issues” is because “there is a balance in the market and this balance has been provided by OPEC+.”
He added: “It can be a little bit higher or lower, it is not so important for producing countries as well as for consuming countries because the most important thing is stability in the oil market.”
The minister said the issues related to the increasing price of gas might continue past winter.
“Most probably we will still have this crisis in winter time, I don’t know how severe will it be but as winter is coming and the weather is getting colder — the winter is
BACKGROUND
The panel discussed the role of oil ministers in coming up with a perfect energy mix that includes renewables to mitigate the effects of climate change.
going to be quite severe in Europe — there can be shortages of gas,” said Shahbazov.
The minister also attended one of the panel discussions held as part of the forum.
The discussion titled “The Balancing Act- Sustainability and Economic Development” discussed the role of oil ministers in producing a perfect energy mix that includes renewables to mitigate the effects of climate change without hurting the economies of their respective countries.