Azerbaijan shares Saudi concerns, will back OPEC+ initiatives to deal with oil market challenges - minister

BAKU. Aug 25 (Interfax) - Azerbaijan will back any future initiatives within the OPEC+ framework to deal with challenges to the oil market, Azerbaijani Energy Minister Parviz Shahbazov said.

"The trend of oil futures prices developing without being based on the demand-supply balance results in high volatility, and decreased liquidity and instability in the oil market. This is undesirable for the oil market actors during the global energy crisis intensified by geopolitical factors," Shahbazov said on social media.

Azerbaijan "always supports the activity of OPEC+ that owns an efficient and effective regulatory mechanism for stabilizing the world oil market," he said.

"I'm sharing my Saudi counterpart HRH Prince Abdul Aziz Bin Salman Al Saud's concern in this regard and expressing my solidarity in terms of future initiatives within OPEC+ to minimize the consequences for the oil market, which is suffering high volatility," Shahbazov said.