Riyadh: Azerbaijan believes OPEC+ is helping to stabilize the world’s oil market with its cautious decision to increase production by 400,000 barrels per day from November.
Speaking to Arab News, the country’s energy minister warned that it is gas prices that are more volatile thanks to shortages of the energy source in Europe.
Parviz Shahbazov said the members of OPEC+ — which includes Azerbaijan — are all in agreement about the restrained oil production rise, despite calls from the US to ramp up output.
He said that the reason “nobody talks about oil issues” is because “there is a balance in the market and this balance has been provided by OPEC+”.
He added: “It can be a little bit higher or lower, it is not so important for producing countries as well as for consuming countries because the most important thing is the stability in the oil market.”
The minister said the issues related to the increasing price of gas might continue past winter.
“Most probably we will still have this crisis in winter time, I don’t know how severe will it be but as winter is coming and the weather is getting colder — the winter is going to be quite severe in Europe — there can be shortages of gas because gas storages are not filled before the winter season,” said Shahbazov.