Azerbaijan affirms support for stable oil prices

Baku — Azerbaijan supports stability of balanced and predictable oil prices amid sharp price spikes resulting from the escalation of the latest conflict in the Middle East, according to Azerbaijan’s President Ilham Aliyev on Thursday.

Aliyev stated that the current energy market balance has been disrupted to a certain degree, resulting in unprecedented increases in oil and gas prices that pose serious challenges for consumers.

“Some parties view these very high and unbalanced prices as something beneficial for oil and gas producing and exporting nations. However, this is not entirely accurate,” Aliyev said when opening the Global Baku Forum.

Many energy-exporting nations maintain sovereign wealth funds that are invested in financial instruments, such as securities.

“When stock markets fall, these nations may face greater losses compared with gains from rising oil prices. Therefore, as a responsible OPEC+ member, we support balanced and predictable oil prices,” Aliyev stated.

He also noted that Baku’s mediation role has garnered high appreciation within OPEC+.