Minister of Energy comments on impact of COVID-19 on Azerbaijani energy sector

The COVID-19 pandemic and the related decline in global demand and oil prices have negatively affected the fuel and energy complex of all oil and gas producing countries, including Azerbaijan, Azerbaijani Energy Minister Parviz Shahbazov said in an interview with Russia's Neftegazovaya Vertikal magazine.

As the demand for hydrocarbons decreased, crude oil prices fell sharply, and oil companies began to take various measures to adapt to the new conditions.

He said that, according to international energy organizations, global oil demand in 2020 will decrease by about 8.8 million barrels per day compared to 2019 and world oil supplies will drop by 6.6 million barrels: "In addition, in 2020, global demand for natural gas will lower by about 75 billion cubic meters."

Speaking about the impact of the pandemic on the fuel and energy complex of Azerbaijan, the energy minister noted that Azerbaijan is a country rich in hydrocarbon resources: "These resources play an essential role in the development of the country's economy. Therefore, it is important to effectively manage these resources, monitor any changes in this area, and ensure prompt response to any changes."