Situation in global oil market may not be sustainable, says Azerbaijan’s Energy Minister

© APA | Parviz Shahbazov,Azerbaijan’s Energy Minister

“OPEC+ Declaration of Cooperation will be needed as balance tool after 2022,” said Azerbaijan’s Energy Minister Parviz Shahbazov, APA-Economics reports citing monthly bulletin of OPEC.

“Exporter countries should preserve this efficient cooperation frame and should adapt their behaviors in oil market based on mutual discussion and understanding,” noted P. Shahbazov.

According to him, when Declaration of Cooperation signed in 20216, one of the aims was to achieve stability in the market, to balance demanbd and supply. The latest uncertainties in global economy due to COVID-19 pandemic, as well as increase in “green energy” initiatives, once again confirms the need of effective tool for market balance.

The minister also stressed that currently the situation in the market is optimistic, however, the situation may also not be sustainable.

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