Baku: President Ilham Aliyev highlighted the critical importance of energy security in today's world during the opening ceremony of the 13th Global Baku Forum. He emphasized that energy security has become an integral part of national security for countries worldwide.

According to Azeri-Press News Agency, President Aliyev addressed the challenges posed by the current volatility in oil and gas prices. He pointed out that the unprecedented rise in these prices is causing significant issues not only for consumers but also for producers and exporters. Contrary to popular belief, he explained that the high prices are not necessarily beneficial for oil-exporting countries. These countries often have sovereign wealth funds invested in various financial instruments, including treasuries, which suffer when stock markets collapse, leading to greater losses than the gains from elevated oil prices.

President Aliyev reiterated Azerbaijan's commitment as a responsible member of the OPEC Plus format, advocating for a balanced and predictable oil price. He stressed the importance of Azerbaijan's role as a mediator in OPEC Plus, noting the country's substantial investments in seeking common solutions, which have been widely recognized and appreciated. The president underscored that energy security is now more crucial than ever as a component of national security for countries across the globe.