“In recent days, various opinions are expressed that the decision of OPEC+ reduce daily oil production from November by 2 million barrels will lead to a shortage in the oil market. I believe that OPEC+, as always, made such a decision in order to support the purpose of supporting stability in the oil market “.
This was stated by the Minister of Energy of Azerbaijan Parviz Shakhbazov, commenting on the “Cooperation Declaration” adopted by OPEC countries+ on October 5, 2022.
According to him, at present, the balance of supply and demand in the oil market is influenced by many factors. Forecasts show that oil demand will decrease. In such a situation, the decision on interference in prey is inevitable. OPEC+, citing my experience, took such a step in the name of maintaining balance in the market. This decision was made on the basis of consensus, it does not follow from the individual interests of any one country. All OPEC+ solutions are designed for stability in the market. The results and achievements achieved so far in difficult situations are undeniable evidence of this.
The Minister of Energy also emphasized that today the main threat to balance and stability in the market is not controlled reductions, but uncontrolled, that is, natural reductions of production: “I believe that today we should not worry about the amount of reduction declared OPEC+, but the trends To the natural reduction in production. “
“The latest OPEC+ decision is also aimed at attracting an investment flow, compensating for the expected negative moods, which is an important step to prevent oil deficiency and the volatility of prices in the future,” added Parviz Shakhbazov.
It was noted that thanks to the OPEC+ Oil market regulation tool, compared to other energy markets, it is constant support. Cooperation in this format is a long -term guarantee of a sustainable oil market balance.