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Azerbaijan supports Saudi Arabia in current oil market trends

Azerbaijan will support future initiatives within the framework of OPEC + to minimize the negative consequences for the oil market, Energy Minister Parviz Shahbazov said.

“The trend of pricing oil futures contracts without taking into account the balance of supply and demand causes high volatility and reduced liquidity in the oil market, which ultimately leads to instability. This undesirable situation for oil market participants in a global energy crisis, which is exacerbated by geopolitical factors” , Shahbazov wrote in his microblog on Twitter.

The Minister added that Azerbaijan always supports the activities of OPEC +, which has an effective and efficient regulatory mechanism to stabilize the global oil market.

“I share the concern of my Saudi counterpart, Prince Abdulaziz bin Salman Al Saud, and express my solidarity with future initiatives within OPEC+ aimed at minimizing the impact on the oil market, suffering from high volatility,” the minister stressed.

The Saudi minister recently stated that OPEC+ has the necessary mechanisms to cope with the current challenges, “including by cutting production at any time and in various forms.”

Source: Turan News Agency