Parviz Shahbazov: Oil market stability also depends on safe energy deliveries

Ensuring that energy resources reach international markets safely, uninterruptedly and on favorable terms is as important to oil market stability as maintaining a balance between supply and demand, Azerbaijan's Energy Minister Parviz Shahbazov said.

According to Report, citing the Ministry of Energy, Shahbazov made the remarks while participating in an online meeting of ministers from OPEC and non-OPEC countries held within the framework of the 17th International Energy Forum (IEF17) and the 25th WPC Energy Congress in Riyadh, Saudi Arabia.

He said that, from this perspective, the security of transport routes, freight rates and insurance costs should be taken into account when assessing market conditions.

Shahbazov said Azerbaijan has always been a reliable partner within OPEC+ and will continue to support joint efforts going forward.

During the meeting, participants heard a presentation by the OPEC Secretariat on "Rising Costs of Crude Oil Transportation and Insurance" and discussed the impact of the current situation on the global oil market.

The ministers agreed to continue consultations within OPEC+, monitor market developments, and maintain discussions with governments and industry representatives.