The world oil market is currently facing difficulties caused by a sharp decline in global oil demand and an increase in oil reserves due to a decrease in economic activity.
"Thus, a decrease in global oil demand is estimated at about 10-15 million barrels per day. It is forecast that daily demand will decrease by 20 million barrels within a month, and due to a surplus of supplies in the coming months, oil warehouses will be completely full. The restoration of discussions in the OPEC+ format and a return to the regulatory mechanism is important for the global oil market. We believe that solidarity and cooperation between oil producers is the only way out the oil market that is not supported by economic factors,” the statement said.
According to the statement, the world is currently at a new stage in the process of regulating the oil market. Current problems negatively affect not only OPEC+ countries but also countries outside this format.
"Therefore, we believe that countries outside the OPEC+ should also participate in this process to gradually create a balance in the oil market. A more efficient and equitable regulatory mechanism may appear in the oil market, which will restore equilibrium and stabilize oil prices.”
“We hope that the OPEC+ countries will take steps to translate this unique opportunity into an important decision. Azerbaijan, as a country that has played an important role in the creation and implementation of OPEC+ format solutions, is ready to continue supporting the process of regulating the oil market and taking on new obligations,” read the statement.
More about: OPEC oil-market
