Azerbaijani energy minister mulls oil market regulation in Vienna

Energy Minister of Azerbaijan Parviz Shahbazov, who is on a visit to Vienna, has held meetings with Saudi Minister of Energy, Prince Abdulaziz bin Salman Al-Saud, OPEC Secretary-General Mohamad Sanusi Barkindo, and Russian Energy Minister Alexander Novak.

Report informs citing the Energy Ministry that at a meeting with the Minister of Energy of Saudi Arabia, Prince Abdulaziz bin Salman al-Saud, they discussed factors reducing demand for oil and affecting prices, including issues on the regulation of the oil market amid coronavirus.

They also touched upon the bilateral cooperation, speaking about the significance of the agreement between the Ministry and ACWA Power on a 240 MW-wind power project in the development of energy cooperation between the two countries. Minister Abdulaziz bin Salman al-Saud agreed to participate in the signing of the agreement.

At the meetings with OPEC Secretary-General and Russian Energy Minister, short- and long-period development of the oil market was discussed. The sides exchanged views on a proposal about output cut to reduce volatility in oil prices and the gap between demand and supply.