OPEC highly appreciates Azerbaijan’s rational policy on development of energy sources

Reuters

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

  • Global oil market trends and the outlook for demand in 2025
  • The implementation of production targets by OPEC and non-OPEC members
  • The long-term role of oil in the global energy mix, amid climate goals
  • The significance of continued investment in oil and gas, despite energy transition pressures
     

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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