BAKU, Azerbaijan - Azerbaijan says the security and commercial viability of energy-delivery routes are as important to oil-market stability as the balance between supply and demand.
Energy Minister Parviz Shahbazov made the comments during an online meeting of ministers from OPEC and non-OPEC countries held during the 17th International Energy Forum and the 25th WPC Energy Congress in Riyadh, the Energy Ministry said on October 12.
Shahbazov said energy resources must reach international markets safely, without interruption and on favorable commercial terms. Transport-route security, freight rates and insurance costs should therefore be included in assessments of market conditions, according to Report.
OPEC’s secretariat presented a report on rising crude-oil transportation and insurance costs. Ministers discussed how those expenses and continuing security risks are affecting the global market.
Shahbazov said Azerbaijan would continue supporting coordinated efforts within the OPEC+ framework.
Participants agreed to maintain consultations, monitor market developments and continue dialogue with governments and the oil and gas industry.
The meeting addressed Azerbaijan’s approach to evaluating oil-market stability. It did not announce new production quotas, price measures or specific freight and insurance figures.