“Today we are meeting for the first time since the agreement to reduce oil production came into force. Many of us have helped to bring the balance back to the market. We see that confidence has gradually returned. My assessment is that there is still a lot to be done. We are still ready to continue monitoring oil demand and oil supply," he said.
The minister noted that there is a risk of oversupply in the short term. "Cooperation is needed in the long term," he added.
The 13th meeting of the Joint OPEC and non-OPEC Ministerial Monitoring Committee will be held in Baku on March 18. Baku hosted the 27th meeting of the Joint Technical Commission on March 17. The participants discussed the current situation in the oil market, existing problems and other issues.
The presentation on the pace of development of the oil market was held and the report of the Joint Technical Commission on oil production indicators for February was heard during the meeting.