Energy Minister: Azerbaijan contributes to stabilization of oil prices in world market

Baku. 30 May. REPORT.AZ/ "Azerbaijan has early joined to the OPEC + Agreement and has consistently fulfilled its commitments. Thus its role in stabilizing prices in the world market is obvious ".

Report informs, Energy Minister of Azerbaijan, Parviz Shahbazov said at the opening of the 25th Caspian International Oil and Gas conference.

"Azerbaijan has proved itself as a reliable partner in international projects. Now it also contributes to stabilization of oil prices," he said.

According to the Minister, cooperation in the OPEC+ format is also important for the regulation of situation. While speaking on the situation of the world market, the minister noted that despite the measures to protect the balance in the world market, stabilization has not been fully met: "Certain geopolitical realities affect the price of oil. Despite of new trends, oil will have significant position in the world energy market. "

Speaking about the oil history of Azerbaijan, the importance of the Azeri-Chirag-Guneshli, Shahdeniz and other fields, he noted that thanks to rich deposits of the country oil reserves will not be exhausted for many years.