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The recent outbreak of COVID-19 pandemic and oil price war between Saudi Arabia and Russia impacted global energy markets. In order to fight oil slump and stabilize prices, April and June OPEC+ meeting aimed to lift the global energy market from COVID-19 pandemic-driven turmoil. Energy resource exploration and export to global energy markets play an important role for the Azerbaijani economy. Azerbaijan like other energy-exporting countries has been also affected by negative trends in global energy markets. The country continues successful and fruitful cooperation in the framework of OPEC+ format, and OPEC+ agreements were very important for the country to mitigate price shocks. Today, Azerbaijan promotes international energy cooperation, and mega energy projects such as BTC oil pipeline and the SGC were initiated by the country to carry the Caspian crude oil and natural gas to the global energy markets.
* Shahmar Hajiyev is leading advisor at the Center of Analysis of International Relations (AIR Center), in Baku, Azerbaijan.