Azerbaijan stands for expanding the number of participants in the OPEC + deal

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Azerbaijani Energy Minister Parviz Shahbazov has called for expanding the number of participants in the OPEC + deal to reduce oil production.

“Stability in the oil market meets the interests of all its participants. In this regard, I consider it important to further expand the OPEC + format by involving countries and other manufacturers, ”the minister said at the Valdai International Discussion Club.

He added that Azerbaijan intends to continue to fulfill its obligations under the OPEC + agreement. “Azerbaijan confirms its commitment to commitments and will continue to play an active role in ensuring stability in the oil market,” Shahbazov emphasized.

Shakhbazov believes that the restoration of the pre-crisis level of oil demand may take at least two years.

“Unfortunately, one cannot confidently expect that given the current uncertainty, demand will fully recover in the near future. According to some estimates, it will take at least 2 years to stabilize the oil market, ”he said.