ANTALYA, Türkiye, April 17. Azerbaijan has always adhered to the concept of ensuring a balanced oil price, the country's s Minister of Energy Parviz Shahbazov said at the Antalya Diplomatic Forum, TurkicWorld reports.
"In principle, this is what we are doing to strengthen global energy security. And, of course, as an oil- and gas-producing country, we can say that we do not feel the effects of crises as acutely. However, at the same time, we are a responsible member of the OPEC+ organization, and there we are always on the side of seeking solutions to various issues, including the crises we have faced in the past. Azerbaijan has not only actively contributed to this work but has also acted as a mediator on many issues," the minister noted.
He emphasized that the widespread belief that oil-producing countries enjoy significant revenues amid high oil prices does not always correspond to reality.
"Incidentally, high prices, which sometimes give the impression that producing countries are reaping substantial profits, do not, in practice, fully reflect the reality. The fact is that oil-producing or hydrocarbon-rich countries typically have sovereign wealth funds that also invest in global financial markets and various assets. And when stock markets decline, we certainly feel the impact of that as well, just as we do the impact on our imports. Sometimes the impression arises that producer countries are immune to this. That is a misconception," Shahbazov said.
The minister also noted the importance of ensuring a balanced oil price.
“We have always adhered to the concept of ensuring a balanced oil price, which is important for both producer countries and consumers, as well as for the oil and gas industry,” he stated.
Speaking about cooperation with Türkiye, Shahbazov called it an “excellent example” of collaboration between brotherly nations in the field of energy security.
“And, of course, our cooperation with Turkey is an excellent example of how a group of countries, both partner and brotherly nations, can contribute to ensuring energy security over many years,” the minister noted.
He recalled that the projects implemented by Azerbaijan have formed the region’s key energy infrastructure.
"Our projects, initiated by Azerbaijan, have connected the Caspian Sea to the Black Sea via the Baku–Supsa oil pipeline, to the Mediterranean Sea via the Baku–Tbilisi–Ceyhan pipeline, as well as the Baku–Tbilisi–Erzurum gas pipeline. And, finally, the 3,500-kilometer Southern Gas Corridor,” Parviz Shahbazov emphasized.
