Energy Minister: “We should take into account decline in world oil reserves”

Baku. 20 June. REPORT.AZ/ The results of the oil price stabilization in the world market will be discussed at the 7th OPEC International Seminar under the theme, ‘Petroleum – cooperation for a sustainable future’

Report informs Azerbaijan’s Energy Minister Parviz Shahbazov said. "The event will touch upon steps to manage the situation," he said.

The minister also spoke about the possibility of further reduction of oil production volumes: “The volume of oil reserves in the world is decreasing. Compared with the previous period, the situation has changed and there has been a sharp decline in inventories. We have to take this into account, and avoid crisis in the oil market. In this regard, there will be consultations on softening of decline in production volumes”.

Notably, P. Shahbazov will attend the seminar in Vienna at the invitation of OPEC Secretary-General Mohammad Barkindo. Shahbazov will be a keynote speaker at the seminar`s ‘World Economy and the Future of Oil’ session. The Azerbaijani minister will also attend the 9th meeting of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee and the 4th meeting of OPEC and non-OPEC ministers on June 23.