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Wednesday, 30 May 2018 15:50

OPEC Secretary General: OPEC looks forward to continued cooperation with Azerbaijan Featured

OPEC Secretary General: OPEC looks forward to continued cooperation with Azerbaijan

Addressing the event, OPEC Secretary General Mohammed Barkindo noted that it was his second visit to Baku over the last two months, calling Baku a cradle of the world oil industry.

He emphasized that arrival in Baku is sort of a pilgrimage for any oilman. “The first oil well was drilled here over 150 years ago and now Azerbaijan continues growing and developing”, OPEC Secretary General said.

Speaking about large realized projects, Barkindo noted that the Southern Gas Corridor changes an energy landscape of the region and will let further strengthen the worldwide energy security.

“I hope that the present close cooperation between Azerbaijan and OPEC will continue and grow more in future as well. OPEC in its turn has managed to prove its commitment to the world cooperation”, he said.

According to him, Azerbaijan has played an important role in reaching an agreement on oil production cut, which brought together 24 oil producing countries. He added that this agreement let reach stability in the world market, created a transparent platform for producers and helped to develop aid mechanisms in order to avoid shocks and oil price volatility. “Oil market stability now is much higher than it was two years ago”, he continued.

“Moreover, financial markets also responded to the declaration and now we are trying to avoid instability as in 2008. I am sure that we will manage to ensure a complex control over resources. Justice, equality and transparency will help us in this. Based on progress, we should see a much bigger picture. Investments for 2018 are growing but nevertheless we do not see a sufficiently tough investment policy in the long term.  According to the forecasts, $10.5 trillion shall be invested into the oil industry till 2040, thereby ensuring its growth in the long run”, OPEC Secretary General said.  

According to him, the only way is to continue cooperation within the framework of the declaration. Further development of this model is required to ensure sustainable market and prosperity of the world economy.

“I invite global producers to join the cooperation with OPEC within the framework of our format in order to reach an economic growth and for further generations”, Barkindo concluded.

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