OPEC+ countries should think about the future of the organization and the oil industry, Azerbaijani Energy Minister Parviz Shahbazov said during the OPEC seminar, Report informs referring to Interfax.
“We have to think about the future of the organization and the future of the industry. I have to take into account the issues of investment in the industry, which are declining. We need a wider discussion,” he said.
According to Shahbazov, at the peak of oil prices, investments in the sector amounted to $900 billion a year, and in 2021 this figure was only $300 billion.
The two-day 8th OPEC International Seminar is being held in Vienna, the capital of Austria. The seminar will be dedicated to the topic “Towards a Sustainable and Inclusive Energy Transition.”
Earlier it was reported that Shahbazov plans to hold a number of bilateral meetings during the visit.