Azerbaijani Energy Minister to Asharq Al-Awsat: OPEC+ Efforts Boost Balance, Organize Global Markets

Azerbaijani Energy Minister Parviz Shahbazov. (Asharq Al-Awsat)
Azerbaijani Energy Minister Parviz Shahbazov. (Asharq Al-Awsat)
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Azerbaijani Energy Minister to Asharq Al-Awsat: OPEC+ Efforts Boost Balance, Organize Global Markets

Azerbaijani Energy Minister Parviz Shahbazov. (Asharq Al-Awsat)
Azerbaijani Energy Minister Parviz Shahbazov. (Asharq Al-Awsat)

The world’s future lies within the “energy mix” concept, but oil will remain a primary energy source for decades to come, said Parviz Shahbazov, Azerbaijan’s energy minister.

According to Shahbazov, efforts spent by the Organization of the Petroleum Exporting Countries (OPEC) and its allies have helped reinforce and regulate global energy markets.

In an interview with Asharq Al-Awsat, Shahbazov reaffirmed that Azerbaijan intends on strengthening strategic cooperation with the Kingdom of Saudi Arabia so that it spans several economic fields and boosts economic collaboration between the two countries, especially in the energy field.

Shahbazov noted that Saudi Arabia and Azerbaijan would be partaking in a number of cooperation projects involving renewable energy.

Joint Projects

“We have signed an agreement with Saudi Arabia’s ACWA Power to lay the foundations for the construction of a 240-megawatt wind park,” Shahbazov told Asharq Al-Awsat, adding that the power station’s tremendous capacity is essential not only for renewable energy sources in Azerbaijan but all countries in the region.

Baku, Azerbaijan’s capital, is also eyeing cooperation with Riyadh in the field of gas.

“We have a desire to cooperate in the gas sector and gas power generation, which will certainly be one of the channels for expansion of cooperation between the two countries soon,” said Shahbazov.

The minister moved on to reveal that Azerbaijan is expecting the arrival of a Saudi delegation this month, a visit that will give a chance to discuss new opportunities for expanding economic cooperation between Baku and Riyadh.

“We expect a Saudi delegation to visit this month to celebrate together the launch of a 240-megawatt wind power plant. We look forward to soon discussing ways for expanding economic cooperation with the visiting Saudi delegation,” said Shahbazov.

Saudi Arabia and Azerbaijan have previously signed various trade, diplomatic and political agreements that Shahbazov said needed more robust activation through additional talks and consultations.

Market Stability

The minister explained that Saudi-Azerbaijani cooperation in the oil and gas sector is vital for the stability of global oil and gas markets.

Moreover, the minister acknowledged Saudi Arabia’s decades-old role in strengthening the global market balance and stabilizing energy prices.

Saudi Arabia has always undertaken leadership initiatives, he noted, adding that Azerbaijan had joined the OPEC+ group, which is one of the most critical channels for stabilizing the global energy market.

“Currently, we see in this formula one of the most important tools for enhancing stability and achieving balance in the global energy market,” said Shahbazov.

“It can address developments in a more appropriate way for the market in the future.”

For Shahbazov, oil will remain the primary energy source for several years to come. Therefore, the role played by OPEC+ in market stability will stay vital for the future of energy.

What is more important than stabilizing prices is ensuring the sustainability of the world’s power supply. Energy prices can change over time, but it will not have the same effect as a shift in global energy supplies.

“For that reason, it is fair to appreciate the efforts of OPEC+,” said Shahbazov.

Regarding gas supplies, he asked an urgent question: Why are there high gas prices in Europe at a time there is a shortage in supplies?

“Despite the existence of strategies to treat the product, it did not prevent the emergence of a price and gas crisis,” noted the minister, adding that the crisis will likely perpetuate into the future, especially during winter.

“However, this situation does not include other countries in the world, as this crisis situation does not apply to the oil sector,” said Shahbazov, praising the efforts spent by OPEC+ to draw an effective roadmap for containing the global energy and oil market.

Pandemic’s Challenging Aftermath

Shahbazov stressed that the coronavirus pandemic had produced a real crisis in global energy markets.

The crisis has highlighted the need for greater cooperation among all parties benefiting from oil production and consumption.

Besides having created a very critical and challenging situation for all actors in energy markets, the pandemic shed light on the massive need for a joint mechanism between OPEC and non-OPEC members. For the time being, OPEC+ is facing this challenging situation and trying to find solutions to contain the crisis.

Shahbazov affirmed that more crises would take place in the future if the mechanism for cooperation remains absent.

“This calls for using our experiences in dealing with such situations to address the urgent issues facing the work of the (OPEC +) mechanisms in global energy markets,” he said.

“In general, we began to cooperate and work with each other and we were able to achieve a form of sustainability for oil supplies,” he noted.

“We were able to launch a program to increase energy production supplies in global markets step by step and month by month, and this program will continue with us until the end of this year and the whole of 2022,” shared the minister.

Saudi Arabia’s Green Initiatives

New energy sources are certainly a factor of prosperity and development for the region, remarked Shahbazov, adding that renewable energy addresses a major global problem: climate change.

In Shahbazov’s opinion, promoting technological discoveries that address climate change by reducing carbon emissions, sustaining food stocks, and establishing environmentally friendly transportation is of paramount importance.

According to the minister, this is what the Saudi Green Initiative cares about and is working on translating on the ground.

“This initiative (Saudi Green Initiative) pushes the world towards much-needed cooperation for a quality of life without climate or environmental disasters,” said Shahbazov.



Oil Falls as Trump Comments on Iran Talks Ease Supply Concerns

FILE PHOTO: A drone view shows the Portuguese flagged oil and chemical tanker ship CB Pacific docked at the Moran Shipping Agencies’ Citgo Petroleum Quincy/Braintree Terminal, March 18, 2026. REUTERS/Brian Snyder/File Photo
FILE PHOTO: A drone view shows the Portuguese flagged oil and chemical tanker ship CB Pacific docked at the Moran Shipping Agencies’ Citgo Petroleum Quincy/Braintree Terminal, March 18, 2026. REUTERS/Brian Snyder/File Photo
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Oil Falls as Trump Comments on Iran Talks Ease Supply Concerns

FILE PHOTO: A drone view shows the Portuguese flagged oil and chemical tanker ship CB Pacific docked at the Moran Shipping Agencies’ Citgo Petroleum Quincy/Braintree Terminal, March 18, 2026. REUTERS/Brian Snyder/File Photo
FILE PHOTO: A drone view shows the Portuguese flagged oil and chemical tanker ship CB Pacific docked at the Moran Shipping Agencies’ Citgo Petroleum Quincy/Braintree Terminal, March 18, 2026. REUTERS/Brian Snyder/File Photo

Oil prices fell on Friday as Middle East supply concerns eased after US President Donald Trump said the country would not attack Iran before US elections next month, amid productive talks to end their war that has disrupted global energy markets.

Brent crude futures dropped $1.68, or 1.61%, to $102.6 a barrel by 0819 GMT. US West Texas Intermediate (WTI) crude futures fell $1.31, or 1.43%, to $90.18, Reuters reported.

On a weekly basis, Brent prices are set to rise after settling 4% higher on Thursday, while WTI is set for a slight decline.

The US President’s pledge not to renew military attacks on Iran before the midterm elections along with China’s resumption of product exports were moving prices lower, PVM Oil Associates analyst Tamas Varga said.

Yet, the escalation of atrocities in ⁠the Arabian Gulf ⁠and around the Red Sea “has dashed hopes that swelling oil exports from the region will be sustainable and, as such, a protracted fall in oil prices in the foreseeable future seems implausible."

On Thursday, Trump said Washington was having "productive discussions" with Iran and said no attack was planned before the November 3 midterm congressional elections after media reports that he was considering an attack before then.

Iran's Tasnim news agency reported the same day ⁠that Foreign Minister Abbas Araqchi said Tehran is reviewing the US response to its proposal that would reopen the Strait of Hormuz within seven days.

"The prospect of easing tensions still needs to be reinforced by concrete progress in negotiations and improvements in shipping safety through the Strait of Hormuz," said XS.com analyst Linh Tran.

The US is still pressuring Iran economically to try to end the war, now in its eighth month, imposing sanctions on Thursday targeting individuals, networks and 17 vessels for transporting Iranian crude, oil products and petrochemicals.

Prices have been volatile this week as threats to shipping in the Gulf and the Strait of Hormuz, which carried shipments equal to about 20% of global ⁠oil and fuel ⁠before the war, have increased in October.

The Middle East war and the conflict between Russia and Ukraine have disrupted supplies of refined fuels such as gasoline, jet fuel and especially diesel fuel.

The oil market is also contending with Hurricane Isaias in the Gulf of Mexico. Because of the storm, producers there have shut in about 1.3 million barrels per day, or 62.9%, of current oil production as of Thursday, according to the US Marine Minerals Administration.

"This disruption provides additional support for oil prices, but the duration of its impact will depend on post-storm facility inspections and the pace of operational recovery," Tran said.


London Copper Rises on Supply Risks, China Buying

Stacks of copper cathodes sit inside Glencore's Canadian Copper Refinery in Montreal, Quebec, Canada on October 3, 2026. (Photo by ANDREJ IVANOV / AFP)
Stacks of copper cathodes sit inside Glencore's Canadian Copper Refinery in Montreal, Quebec, Canada on October 3, 2026. (Photo by ANDREJ IVANOV / AFP)
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London Copper Rises on Supply Risks, China Buying

Stacks of copper cathodes sit inside Glencore's Canadian Copper Refinery in Montreal, Quebec, Canada on October 3, 2026. (Photo by ANDREJ IVANOV / AFP)
Stacks of copper cathodes sit inside Glencore's Canadian Copper Refinery in Montreal, Quebec, Canada on October 3, 2026. (Photo by ANDREJ IVANOV / AFP)

London copper rose on Friday, recovering from the previous session's loss, as mine disruptions and buying in top consumer China supported prices.

Benchmark three-month copper on the London Metal Exchange was up 1.16% at $14,475 a metric ton by 0700 GMT, after dropping 1.15% in the previous session. It has climbed 1.52% so far this week, Reuters reported.

The most-traded copper contract on the Shanghai Futures Exchange fell 0.57% to 110,110 yuan a ‌ton, tracking overnight ‌losses in London.

"Copper is near record ‌levels, ⁠supported by supply-side issues," ⁠Daniel Hynes, senior commodity strategist at ANZ, said in a note.

The Yangshan copper premium <SMM-CUYP-CN> - a gauge of China's appetite for imported copper - ose to $125 a ton, its highest since November 2022, on Thursday, when China returned from a week-long holiday.

Copper in SHFE-monitored warehouses <CU-STX-SGH> increased by ⁠20,000 tons (51.6%) during the shortened week, but ‌stocks at 58,744 tons nonetheless ‌remain thin.

A workers' union at Antofagasta's Centinela copper mine in ‌Chile said their ongoing strike would begin to ‌weigh on outputin November. Antofagasta earlier downplayed the impact of the strike.

Disruptions at other mines added to already heightened supply risk, while stocks outside the US have fallen as copper has ‌been pulled into the country ahead of potential tariffs on refined copper imports.

The dollar ⁠index, ⁠which measures the greenback against a basket of other currencies, nudged lower. Oil prices also edged down on Friday.

Both had earlier in the week weighed on industrial metals.

A stronger dollar makes commodities more expensive for buyers using other currencies, while elevated energy prices threaten to stoke inflationary concerns and weigh on economic activity.

Among LME metals, aluminium gained 0.79%, zinc gained 1.25%, lead gained 0.7%, nickel gained 0.66% and tin gained 0.96%.

On the SHFE, aluminium lost 0.49%, zinc lost 1.12%, lead lost 1.45%, nickel lost 0.38% and tin dropped 4.23%.


China and EU Trade Envoys Seek Ways to Ease Tensions over Growing Imbalances

EU and Chinese flags are seen in this illustration taken, March 20, 2025. REUTERS/Dado Ruvic/Illustration
EU and Chinese flags are seen in this illustration taken, March 20, 2025. REUTERS/Dado Ruvic/Illustration
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China and EU Trade Envoys Seek Ways to Ease Tensions over Growing Imbalances

EU and Chinese flags are seen in this illustration taken, March 20, 2025. REUTERS/Dado Ruvic/Illustration
EU and Chinese flags are seen in this illustration taken, March 20, 2025. REUTERS/Dado Ruvic/Illustration

The top trade envoys for China and the European Union were wrapping up two days of talks Friday aimed at calming escalating tensions over growing imbalances between the two giant economies.

EU trade chief Maros Sefcovic traveled to Beijing saying it was crucial that the negotiations deliver “tangible outcomes” in rebalancing trade between China and the 27-nation bloc.

It was unclear, however, if the two sides would find the will to resolve key factors behind China’s growing trade surplus, which hit 360 billion euros ($410 billion) last year.

China is pushing for the EU to stop blocking its imports of advanced computer chipmaking machines, restrictions imposed on national security grounds at Washington's behest.

Sefcovic said the talks this week were the culmination of three months of intensive work. He had set an October deadline for meaningful results on trade rebalancing.

Earlier in the week, the Chinese Commerce Ministry issued a statement urging the EU to avoid protectionist measures, warning that such moves could backfire.

Trade tensions have grown in recent months, with both sides imposing or considering curbs on each other’s imports.

The EU has moved to limit imports of Chinese-made electric vehicles and EV batteries and enacted measures to protect the European steel industry. It also is limiting duty-free imports of e-commerce small parcels, essentially targeting Chinese fast fashion firms.

Last week, China launched an anti-dumping investigation into imports from the EU of p-nitrotoluene, a chemical compound used in dyes and pharmaceuticals.

Chinese officials and businesses have raised concerns over reports some EU members are pushing for new measures to protect local industries.

Worries over surging Chinese exports to Europe and other parts of the world in what some are calling a China shock 2.0 have deepened as the US, especially since President Donald Trump returned to the White House, has raised tariffs and enacted other measures to try to reduce its own huge trade deficit with Beijing.

Despite the backlash from some of its trading partners, China's global trade surplus hit $1.2 trillion in 2025 and is forecast to surpass $1 trillion again this year.

The EU's trade deficit with China widened to 103.34 billion euros (about $116 billion) in the April-July quarter, as imports rose to 153.63 billion euros ($172.3 billion) ,while European exports to China climbed to 50.3 billion euros ($56.4 billion), according to EU statistics.