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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As OPEC marks its 65th anniversary, the organisation reflects on its role in shaping global energy, promoting stability, and ensuring oil remains vital for economic growth and energy security worldwide.
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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.
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