Azerbaijan happy about current oil prices – energy minister

Azerbaijan is satisfied with the current oil prices, but the priority is to have the price stability, Azerbaijani Energy Minister Parviz Shahbazov told journalists on the margins of the Russian Energy Week, Report informs.

"As a producer country, we are, of course, satisfied with this price. But the main thing is that this price is stable. The major goal is to keep oil prices stable and predictable," he opines.

Simultaneously, Shahbazov noted that Azerbaijan does not want oil to be more expensive: “We believe that these prices may be even lower. They should be comfortable not only for producer countries, but also for consumer countries.

Assessing the current situation in the oil market, Shahbazov said that everyone is satisfied with what has happened: "There are no special issues regarding the price of oil or the amount of its supply."

The minister added that as for the developments in the gas market, a kind of regulation is needed: "I cannot say off hand now what must be done."

The price of 1,000 cubic meters of gas in Europe today reached $1,230.

The price of October futures for gas at the TTF hub in the Netherlands reached $1,229.4 per 1,000 cubic meters, or 102.5 euros/MWh.

Since the outset of the day, the price increase has been 7.6%.