Parviz Shahbazov, Azerbaijan’s Energy Minister, met with Haitham Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), on the sidelines of the Baku Energy Week.
During the meeting, both sides expressed satisfaction with Azerbaijan’s cooperation under the OPEC+ format. They highly valued the country’s role in stabilizing the oil market. Amid growing global energy demand, the two also emphasized the importance of continued investment in hydrocarbons, including oil.
Key Topics Discussed
Azerbaijan has been a consistent participant in OPEC+ agreements, helping to moderate oil production in alignment with global supply-demand dynamics. The cooperation has helped stabilize prices and provided a platform for dialogue between oil-producing nations.
OPEC also invited Azerbaijan to participate in the OPEC International Seminar, scheduled for July 2025, where global energy leaders will meet to discuss market strategies, investment policies, and the evolving role of fossil fuels.
The meeting underscores Azerbaijan’s dual-track energy policy: maintaining its position as a reliable oil producer while simultaneously scaling up renewable energy projects, which are expected to attract up to $2 billion in investment in the coming years.
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Kazakhstan will remain part of the OPEC+ oil production deal but is opening talks to revise contracts with foreign investors at its largest oil and gas fields, Prime Minister Olzhas Bektenov said on Tuesday.
OPEC expects improved economic performance in H2 2025 to support oil demand, with high refinery intake driven by summer travel and resilient growth in key markets.
Oil prices climbed on Wednesday, maintaining their highest levels since 23 June, lifted by recent attacks on shipping in the Red Sea, along with concerns over steep U.S. tariffs on copper and a forecast for lower U.S. oil production.
OPEC+ has agreed to raise oil production by 548,000 barrels per day in August, accelerating output increases amid geopolitical tensions and pressure from U.S. President Donald Trump to help ease fuel prices.
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China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
A resumption of Iraq’s Kurdish oil exports is not expected in the near term, sources familiar with the matter said on Friday, despite an announcement by Iraq’s federal government a day earlier stating that shipments would resume immediately.
Chinese automaker Chery has denied an industry-ministry audit that disqualified more than $53 million in state incentives for thousands of its electric and hybrid vehicles, insisting it followed official guidance and committed no fraud.
President Ilham Aliyev’s working visit to the United States featured high-level talks, landmark agreements, and a historic peace signing, marking a turning point in Azerbaijan’s relations with Washington and the wider South Caucasus.
Iran has warned against a planned transport corridor proposed under a peace deal between Azerbaijan and Armenia, brokered with backing from U.S. President Donald Trump, saying it could threaten regional stability.
Azerbaijani President Ilham Aliyev and Turkish President Recep Tayyip Erdoğan spoke on 9 August, praising regional peace steps, new gas exports to Syria, and deepening bilateral ties.
More than 1,000 aid packages have been airdropped over the Gaza Strip since the resumption of the international airdrop operation on 26 July, the Israel Defense Forces (IDF) announced on Friday.
Kazakhstan has started construction of its first nuclear power plant near Ulken village, with completion expected in 2035-2036.
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