He was speaking at the 7th OPEC International Seminar on "Oil-Cooperation for a Sustainable Future" in Vienna, the Azerbaijani Energy Ministry said in a message.
In his speech, the minister spoke about the role of oil in the global economy in the future, about the existing trends in the oil market and the future strategy of Azerbaijan’s development as an oil country.
Shahbazov noted that cooperation in the OPEC + format reached the goal of stabilizing oil prices, but noted that the new situation that emerged in the global oil market, in the oil industry, has set new priorities.
Such factors as global economic growth, development of the petrochemical sector, the inability to replace oil with renewable energy sources will secure the leading position of oil in the energy balance in the short term, the minister said.
He noted that rebalancing the energy market, ensuring future investments in the oil industry in accordance with demand make cooperation in the OPEC + format necessary.
As part of the event, Shahbazov met with Al Cook, executive vice president of Equinor company for global strategy and business development. At the meeting, the sides discussed importance of opening the Southern Gas Corridor and the Trans-Anatolian Natural Gas Pipeline (TANAP).
The agreements on the development of the Karabakh oil field in the Azerbaijani sector of the Caspian Sea, exploration and development of the Ashrafi-Dan Ulduzu-Aypara section were mentioned important events in the development of oil and gas cooperation. The opportunities of Equinor’s cooperation with Azerbaijan as part of a new direction of activity in the energy sphere were also considered.
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