Perviz Shahbazov: Azerbaijan to continue efforts to support balance in global market

"Azerbaijan will continue providing support for preservation of balance in the global market," Energy Minister Perviz Shahbazov said at the 13th meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC).

According to him, positive dynamics is observed in the global market as a result of OPEC+ cooperation.

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The minister expressed his pleasure with holding of the meeting in Azerbaijan.

"This event is held on the initiative of President Ilham Aliyev. In January 2016, Azerbaijani President Ilham Aliyev put this initiative forward in Davos Forum and said that if OPEC and non-OPEC countries get better coordination, it will yield result," Shahbazov said.

According to him, this meeting also proves Azerbaijan’s historic role as the first oil producer with an industrial method.

"Azerbaijan does not export large volume of oil to the global market, but it does play an important role in ensuring energy security of the region," the minister added.

The minister said that OPEC+ cooperation have positive results: "Positive dynamics is observed in the oil market. This is our common achievement and we should continue these works."