Shahbazov made the remarks within the meeting of the National Oil Committee in Baku.
“There will be impact, but it’s difficult to assess it,” he added.
The minister stressed that within the OPEC + agreement Azerbaijan constantly holds the discussions with the OPEC secretariat, as well as with the representatives of the countries involved in the agreement.
Shahbazov added that according to the expectations, Saudi Arabia and the United Arab Emirates do not plan to make any unilateral decisions regarding oil production till June.
On May 8, 2018, the US announced about withdrawal from an agreement on a nuclear program with Iran and restoration of all sanctions against the country, including the sanctions against other countries doing business with Iran. Washington voiced its goal to bring the export of Iranian oil to zero and urged buyers to abandon such purchases.