Azerbaijani energy minister stresses importance of co-op within OPEC + format

All OPEC’s interests and goals in its 60 year-activity are based on unity, solidarity and cooperation and the transformation of the OPEC’s idea into reality is also the result of trust among the oil countries, Azerbaijani Energy Minister Parviz Shahbazov said, Trend reports referring to the Azerbaijani Energy Ministry.

“While fulfilling its regulatory mission in various situations decently, the organization was able to adequately respond to new realities changing the global energy balance and the configuration of the oil market,” the minister added. “The OPEC’s structure also underwent changes. One of examples was the creation of the OPEC + format in December 2016.”

“The organization reached a new level of development by creating such a format,” the minister said. “It received a broader model of cooperation, an effective regulatory mechanism.”

“The “Declaration on Cooperation” ensured the interests of not only the oil producing and exporting countries that joined this document,” the minister added. “It also became a guarantor of the global oil market regulation in accordance with the changing situation under the influence of numerous factors and risks.”

While speaking about Azerbaijan’s cooperation with the organization within the OPEC + format, the minister stressed that one of the most important values is solidarity.Cooperation and solidarity of the OPEC countries and non-OPEC countries during the current difficult trials is the most brilliant gift for the anniversary.

OPEC + includes 10 countries, namely, Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, South Sudan (the key producer and informal leader of the OPEC is Russia with 14 percent of the world oil production).