OPEC+ DoC to be needed beyond 2022, Azerbaijani minister says

The OPEC+ Declaration of Cooperation (DoC) platform will be needed beyond 2022 as an instrument of balance, Azerbaijan’s Energy Minister Parviz Shahbazov said in an interview for OPEC Bulletin, News.Az reports. 

He pointed out that exporting countries must maintain this effective framework of cooperation and harmonize their behaviour in the oil market through mutual discussion and understanding.

“When the DoC was signed in 2016, one of the main goals was to achieve stability in the market, balancing supply and demand. Recent uncertainties in the global economy attributed to COVID-19 pandemic, as well as the growing growth of green energy initiatives, reaffirm the need for an effective tool for market balance,” the minister said. 

He noted that the ‘Charter of Cooperation’ adopted in 2019 raised cooperation between OPEC and non-OPEC countries to a new level.

“The Charter laid the foundation for closer cooperation between OPEC+ countries to maintain market stability. The principles and objectives set forth in the CoC include the voluntary cooperation of exporting countries for a common cause, without touching their sovereign rights over the use of national resources. I think that the activities carried out under the CoC and the decisions taken so far, have fully justified themselves and strengthened confidence in the future of the Charter. I believe that the CoC will continue to fulfill its worthy mission of establishing a dialogue between exporting countries, consumers, investors and key players in the world economy in general, and maintaining market balance,” Shahbazov added.


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