Oil market currently has more flexible, efficient monitoring mechanism Azerbaijan's energy minister


(MENAFN- Trend News Agency)

BAKU, Azerbaijan, Feb.9

By Leman Zeynalova – Trend:

The oil market currently has a more flexible and efficient monitoring mechanism, Azerbaijan's energy minister Parviz Shahbazov said in an interview for OPEC Bulletin, Trend reports.

He noted that the 'Declaration of Cooperation' allowed some oil-rich non-member countries to join the process of taking concerted action in the interests of oil market stability for the first time.

“This initiative, a fair and creative solution in terms of taking into account the interests of market participants, was put forward by the President of the Republic of Azerbaijan, Ilham Aliyev, in January 2016 at the Davos International Economic Forum. Since its inception in December of that year, the OPEC plus cooperation format has been a contributor to stability in the oil market. In this context, the oil market currently has a more flexible and efficient monitoring mechanism. Amid a number of influencing factors, the oil industry has been protected from recession. The global oil market, which has been particularly hit by the unprecedented shocks of the pandemic, has received strong support,” said the minister.

He believes that the countries of the DoC have fulfilled a successful historical mission for five years to ensure the balance of supply and demand, oil price stability and common interests.

“Today, the oil market is more balanced than other energy markets, and this is our joint success. The market volatility in March–April 2020 confirmed the importance of this cooperation model and the monitoring process of OPEC and non-OPEC countries. Existing doubts have been replaced by high confidence. The DoC countries have managed to bring the market out of the crisis by sharing the high level of commitment and responsibility. Currently, although the market situation is optimistic, it may not be sustainable. At a time of growing uncertainty over hydrocarbons, including oil, there is a need for significant market regulation. Acute imbalance is not desirable for anyone. Stability in the energy market is in the interest of each of us, and OPEC plus decisions provide the most appropriate solutions for this common interest,” added Shahbazov.

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