The Minister of Energy of Parviz Shakhbazov shared his views on the balancing of the global oil market and the development of “green energy” at the Russian Energy Week of the International Forum.
According to the press service of the Ministry of Energy, Parviz Shakhbazov said that in the OPEC+ forecasts for the development of oil demand, they are constantly supported by adequate solutions for balancing demand and supply. The latest OPEC+ decision is also aimed at preventing the imbalance in the market, and since the production does not correspond to quotas, the actual reduction is approximately 1 million tons. It was also noted that the involvement of investments is necessary to prevent oil deficiency and the volatility of prices in the future.
The Minister of Energy also spoke about the development of “green energy”. He emphasized that not everyone today is easy to realize their goals related to “green energy”.
“Today, individual countries successfully implement a course on” green energy “and have no problems with energy security. Azerbaijan is one of the few such countries. Currently, together with international energy companies, a power of wind and solar energy with a total capacity of 4700 is being created MW. In the future, we have plans for projects with a capacity of 6 GW. “