The expert noted that this event is indicative of the entire region in that the Caspian state of the South Caucasus has managed to organize on its territory a comfortable discussion of a significant international agenda by OPEC members and large oil-producing countries that are not members of the organization.
"All OPEC + states are interested in market stability, and in order to maintain predictable stable prices, they are ready to make commitments to reduce production. The main stakeholder in this issue is Saudi Arabia. And certain assistance and understanding from Azerbaijan can be fully appreciated in the form of joint Azerbaijani-Saudi projects in the territory of the republic," Chernov said.
However, according to a Russian expert, under current conditions, the possibilities of OPEC+ countries to influence oil prices are rather limited.
The expert noted that the US significantly increased its capabilities in this direction.
The 13th meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) is underway in Baku March 18. A day before the JMMC meeting, Baku hosted the 27th meeting of the Joint Technical Commission.
Today’s meeting participants discuss the current state of the oil market, existing problems and other issues.
The event then features a presentation on the pace of oil market development and the report of the Joint Technical Commission on production figures for February.