20 July 2026, Brazzaville, the Republic of the Congo – H.E. Dr. Philip Mshelbila, Secretary General of the Gas Exporting Countries Forum (GECF), concluded an official visit to Brazzaville, where he held high-level meetings aimed at strengthening the Forum's cooperation with the Republic of the Congo and advancing energy collaboration.

A central highlight of the visit was the Secretary General's meeting with H.E. Mr. Stev Simplice Onanga, Minister of Hydrocarbons of the Republic of the Congo and H.E. Eng. Farid Ghezali, Secretary General of the African Petroleum Producers' Organization (APPO). 

The meeting focused on strengthening cooperation between the GECF and the Republic of the Congo as the country continues to develop its natural gas industry and expand its role in the global LNG market. During the discussions, H.E. Dr. Philip Mshelbila presented the GECF's mandate, strategic priorities and ongoing initiatives, reaffirming the Forum's commitment to supporting its Member Countries and promoting natural gas as an essential component of the global energy mix.

H.E. Steve Simplice Onanga, Minister of Hydrocarbons of the Republic of the Congo, welcomed the Secretary General's initiative and expressed his keen interest in strengthening cooperation between the Republic of the Congo and the GECF. Both sides agreed to remain in close contact and continue consultations with a view to advancing their common objective.

Caspian Energy (CE): Your Excellency, before we turn to the matters of Finnish-Azerbaijani relations, could you kindly share with us your journey into diplomacy? What inspired you to pursue this path, and what experiences have prepared you for your current mission here in Azerbaijan?
Kirsti Narinen, Ambassador Extraordinary and Plenipotentiary of the Republic of Finland to the Republic of Azerbaijan: My “diplomatic,” or rather international, path started at the age of 16, when I began my 11th grade/International Baccalaureate at Lester B. Pearson United World College in Canada—an international school with 200 students from 60 countries. Currently, there are also Azerbaijani students who have studied in these international colleges. That opened my young mind to learning about different cultures and also taught me proper English. Then, when studying at the Faculty of Law at university, I applied for an apprentice position at the MFA, got the job in June 1984 and never left—so June 1st this year 42 years of diplomacy were completed. The most interesting and inspiring years, albeit partly a bit hard for the family.
My career has been multifaceted. A large portion of it in Russia and the Baltics, plus my own Finnish experience, has guided meto understand how important it is to maintain sovereignty and protect national interests under the shadow of an imperialistic, unpredictable neighbor. Luckily, Finland has many good neighbors as well, rooted in our Nordic-European identity.

Caspian Energy (CE): Mr. Chargé d’Affaires, before we discuss the broader scope of Chilean-Azerbaijani relations, could you kindly share with us your journey into diplomacy? What inspired you to pursue this path, and what experiences have prepared you for your current mission here in Azerbaijan?
Juan Carlos Salazar Álvarez, Chargé D’affaires of Chile in Azerbaijan: My interest in international relations appeared when I was a student, and took part in a study trip that included a visit to the UN in New York.  Later, after graduating from university, I pursued further studies in international relations. In 1990, I entered an open competitive examination to join the Chilean Foreign Service and was successfully selected.  I completed two years of intensivestudy and training at the Chilean Diplomatic Academy, graduating in 1991, at which point my career began.  I have served, in chronological order, as a diplomat or consul in Austria, Costa Rica, Panama, Sweden, Ecuador, and Sao Paulo, Brazil; at present, I am serving in Azerbaijan.  My learning process combined very well my role of representing Chile and learning from different cultures and extraordinary people in all the countries I have lived. Throughout my career, I have specialized in international security, countering transnational organized crime, implementing international conventions against corruption, outer space affairs, police cooperation, regional integration organizations, and international financing for regional multilateral infrastructure projects.

Caspian Energy (CE): Madam Ambassador, during your time in Baku, what has made the greatest impression on you—whether in daily life, culture, history, or gastronomy? What aspects of Azerbaijan do you find particularly interesting or resonant with Mexican traditions, and what do you usually tell your colleagues and friends back in Mexico about our country?

María Victoria Romero Caballero, Ambassador Extraordinary and Plenipotentiary of Mexico to the Republic of Azerbaijan: I have been particularly fascinated by Azerbaijan’s cultural diversity, its ancient traditions, and the hospitality of its people. Whether in Baku or in the regions, I have always found warmth and generosity - values that resonate deeply with Mexican culture. Family ties, respect for traditions, and the importance of sharing with loved ones are elements that our two societies have very much in common.

I have also greatly enjoyed discovering Azerbaijan through its cuisine. The use of fresh ingredients, and recipes that have been passed down through generations reflects a deep connection between food, family, and cultural heritage. In this regard, Azerbaijan and Mexico share a similar appreciation for culinary traditions as an essential part of national identity.

When I speak with colleagues and friends in Mexico, I often tell them that Azerbaijan is a country of remarkable beauty, rich culture, and extraordinary hospitality. I also emphasize that while our countries are geographically distant, Mexicans and Azerbaijanis share many values, including a strong sense of family, resilience, pride in their heritage, and a genuine openness toward others. These commonalities provide an excellent foundation for strengthening the friendship and cooperation between our two nations.

Gas reserves at the "Gunashli" field alone can be estimated in the range of 4–6 trillion cubic feet (113–168 billion cubic meters), while a precise assessment for the "Azeri" section has not yet been conducted and the process is in its initial stage, bp's Executive Vice President for Production and Operations, Gordon Birrell, told reporters on the sidelines of Baku Energy Week. Gordon Birrell emphasized that this new gas potential is of key importance for the further development of the ACG block.
According to him, the Azeri-Chirag-Gunashli (ACG) block of fields is one of the largest oil fields in the world, and more than 4 billion barrels of oil have been produced here since it went into operation.
"Gas reserves are concentrated in two main parts of the block—the 'Gunashli' and 'Azeri' sections—and uncertainty regarding the exact volumes of resources still remains in both directions. The main purpose of drilling the first production well is to collect dynamic subsurface data and reduce this uncertainty," he reported.
Despite the lack of refined data from the exploration results, bp—the operator of the Azeri-Chirag-Gunashli project—announced this week on behalf of the ACG joint venture partners (SOCAR, MOL, INPEX, ExxonMobil, TPAO, and ONGC Videsh) the start of non-associated gas (NAG) production from the ACG field in the Azerbaijani sector of the Caspian Sea.
The first NAG well, drilled from the existing West Chirag platform, provides critical reservoir and gas inflow data in addition to ensuring early production, which allows for evaluating the resource base and making decisions on the future full-scale development of the gas field. NAG production activities at the ACG field are being carried out on the first production well, which was drilled last year into the Pereryv suite, as well as the Upper Kirmaky and Lower Kirmaky suites.
The development of ACG is being conducted in accordance with the amendments made on September 20, 2024, to the existing Production Sharing Agreement (PSA) for the ACG fields. This addendum is valid until the end of the existing ACG PSA term in 2049. Over the next 23 years, subject to exploration and appraisal of the NAG fields, there is potential for investing billions of dollars into the full-scale development of NAG resources within the ACG field.
The participation shares of the ACG partners in the NAG project are the same as in the existing ACG PSA: bp as operator (30.37%), SOCAR (35.3%), MOL (9.57%), INPEX (9.31%), ExxonMobil (6.79%), TPAO (5.73%), and ONGC Videsh (2.92%).

ABSHERON PROJECT

The "Absheron" project involves drilling new wells, constructing a 140-kilometer subsea pipeline, and implementing solutions for multiphase transportation of gas and condensate, the Head of the TotalEnergies Representation in Azerbaijan, Emmanuel de Guillebon, stated during a panel discussion held as part of Baku Energy Week.
According to him, within the second phase of the Absheron field development, it is planned to drill three new wells with an expected production of about 40,000 barrels of oil equivalent per day from each well, with approximately 30% accounted for by condensate and 70% by gas. He reported that the project will involve building a subsea pipeline about 140 km long, which will provide a direct connection from the wells to onshore facilities without using production platforms. He noted that the initial production level for the project will be around 120,000 barrels of oil equivalent per day, taking into account the existing early development phase of the field.
During Baku Energy Week, held in Baku from June 1 to 3, an agreement was also signed for the long-term supply of gas from the Absheron field to Türkiye. The document was signed between SOCAR, TotalEnergies, XRG, and BOTAŞ during a meeting in Baku. In particular, the parties reviewed the progress of work on the full-scale development project of the Absheron gas condensate field.
Notably, the Absheron field is located on the Caspian Sea shelf, approximately 100 km southeast of Baku and 25 km northeast of the Shah Deniz field. The area of the structure is about 270 square kilometers, and its gas reserves are estimated at 350–400 billion cubic meters of recoverable reserves.
Production at Absheron began in July 2023 as part of the early development stage under the operatorship of JOCAP, utilizing a single deepwater well.
SOCAR, TotalEnergies, and XRG have agreed on the concept for the second phase of the field development, which envisages subsea production followed by transportation to shore. The wells will be drilled at a water depth of about 500 meters, and their total length will exceed 7,000 meters, making them some of the deepest in the Caspian Sea.
At its peak, the second phase of development can provide production of up to 12.7 million cubic meters of gas per day (about 4.5 billion cubic meters per year) and 37,000 barrels of condensate per day. The start of production is expected in late 2028 or early 2029.

KARABAKH PROJECT

Dan Sparks, bp's Vice President for Exploration for Azerbaijan, Georgia, and Türkiye, said during a panel discussion held as part of Baku Energy Week that the implementation of projects in the Caspian basin not only ensures production and infrastructure development but also shapes long-term technological and industrial capabilities, including the development of fabrication yards and human capital.
D. Sparks noted that the "Karabakh" project involves creating the world's second complex for the production of subsea bundles in the Caspian region. He explained that such modules allow for the integration of multiple pipeline lines and communications into a single unit, which can be transported and installed without the need for specialized pipelay vessels.
"The development of technological capabilities in the region continues, including the application of new seismic methods that have become a significant factor for the industry in the Caspian basin," he said.
In particular, he mentioned obtaining new seismic data for the Shah Deniz field and conducting its processing, noting that even after 30 years of operations, the study of the field continues using new data processing technologies.
bp's Regional President for Azerbaijan, Georgia, and Türkiye, Gio Cristofoli, noted during Baku Energy Week that "engineering work is currently underway, and a final investment decision is expected by the middle of next year. We aim to develop 'Karabakh' as a satellite field. This will allow us to utilize existing infrastructure in the Caspian region to develop new fields, marking an important milestone," Cristofoli stated.
Notably, the Karabakh contract area is located 120 km east of Baku, at water depths of 150–200 meters, near the Azeri-Chirag-Gunashli and Ashrafi-Dan Ulduzu-Aypara contract areas.
According to data from the Ministry of Energy of Azerbaijan, the initially estimated geological reserves of the field exceed 60 million tons of oil.
Recently, bp completed an Ocean Bottom Node (OBN) subsea seismic survey at the Karabakh field. The work started in December 2025 and was completed in mid-March 2026.

Caspian Projects

SOCAR is considering options to accelerate exploration work in Azerbaijan, Arzu Javadova, Vice President of SOCAR, stated during a panel discussion held as part of Baku Energy Week.
According to her, projects undergo selection based on specific criteria, considering which ones can be implemented independently and which require involving partners to share risks and costs. She also emphasized that the company has strengthened its work on forming a team of specialists in geosciences and underground research, introducing new tools, and data analysis.
"Within the framework of the current strategy, exploration work is being conducted in three main directions: onshore, in the waters of the Middle Caspian, and in the South Caspian. At the same time, promising zones are identified onshore, including Shamakhi-Gobustan, Yevlakh-Aghjabadi, and others," she said.
The Vice President of the company emphasized that in the offshore part of the Caspian, deeper horizons are being considered, including the pre-productive series, and a number of projects are already at the drill-ready stage.
Perhaps the single project that earned special attention from the audience of Baku Energy Week due to its unparalleled multiplier effect on all spheres of life, as well as the economy of Azerbaijan and regional countries, is the long-running project—Azeri-Chirag-Gunashli (ACG). Implemented since September 20, 1994, the ACG project has turned into a strategic oil and gas infrastructure project, Babek Huseynov, Vice President of SOCAR, stated at a panel discussion on the second day of Baku Energy Week.
Despite the fact that the main challenges facing the upstream sector (production and development) of the oil and gas industry are changing, the relevance of ACG is driven by the discovery of new gas reserves and global market conditions.
"Previously, the main source of oil and gas production was the discovery of new fields, the development of new regions, and the implementation of large, especially offshore projects; today, the key issue is not just new discoveries. The main task is to extract more value from existing fields, effectively utilize available infrastructure, and accelerate these processes," the expert noted.
Babek Huseynov emphasized that even a mere 1 percent increase in the recovery factor at operating fields can make a significant contribution to meeting energy demand for many years. In this context, the Vice President of SOCAR cited the Azeri-Chirag-Gunashli (ACG) project and an important phase related to the production of non-associated gas from ACG as examples.
"Over the past 30 years, ACG has been known as one of the largest oil fields in the world. However, today we view this project not merely as an oil field. ACG is now a strategic energy infrastructure project with both oil and gas potential. Significant volumes of resources lie beneath the project's reservoir, and the development programs implemented in partnership with bp inspire us tremendously," he added.
Babek Huseynov stated that in the development of the Absheron gas condensate field, which occupies an important place in Azerbaijan's energy sector, key priorities include achieving first gas production faster, increasing the ultimate recovery factor, simplifying project solutions, and maintaining capital discipline.
"It is important that these projects are economically efficient both for our partners and for Azerbaijan. Therefore, they must be implemented on the basis of simplicity, speed, and financial discipline," he noted.
The SOCAR representative also stated that the development of the Karabakh field demonstrates a different model of development. According to him, the project is being implemented using the capabilities of existing infrastructure, an approach known as the "infrastructure-led development" model.
"The Karabakh project utilizes flexible subsea tie-back solutions. Integration into existing infrastructure reduces project execution timelines and allows for a faster start to production. This infrastructure is one of the most valuable assets of Azerbaijan's energy sector," Babek Huseynov emphasized.
American company ExxonMobil is exploring opportunities to develop hydrocarbon resources using unconventional methods in Azerbaijan and is assessing prospects for applying technologies in the country that previously allowed the United States to become a global leader in oil and gas production, John Ardill, Vice President of Global Exploration at ExxonMobil, stated at the "Exploration and Production — New Horizons" session during the Baku Energy Forum. He recalled that thanks to the introduction of horizontal drilling and hydraulic fracturing technologies, the United States has been able to significantly increase hydrocarbon production over the past two decades and become the largest producer of oil and gas in the world.
According to the ExxonMobil representative, "when bringing these technologies to international markets, we consider three key factors: a suitable geological structure, commercial attractiveness, and a solid partnership model," Ardill emphasized.
Thanks to modern technologies, the recovery factor at oil fields can exceed 50%, and at gas fields—70%. The Vice President emphasized that the process that began in the US in the 1980s–1990s with the development of horizontal drilling and hydraulic fracturing technologies subsequently spread to other basins as well. ExxonMobil assumed a strategic position in this direction about 20 years ago and has since been gradually increasing investments in this field.
John Ardill emphasized that production in the Permian Basin currently stands at about 1.6 million barrels per day, and there are plans to bring this figure to 1.8 million barrels in the near future. "This experience shows that with the acceleration of technological development, the timelines for occurring changes are also shortening. If previously such a transformation took 20 years, it can now happen in 5–10 years," he noted.
The company representative also pointed out that deepwater projects are another example of this trend, and regions such as Guyana are setting new records, outperforming Angola. He added that increasing the recovery factor can significantly extend the lifespan of fields and influences company strategies at an international level.

Baku-Tbilisi-Ceyhan (BTC) Pipeline

The Baku-Tbilisi-Ceyhan (BTC) pipeline will be handed over to the management of SOCAR, bp's Regional President for Azerbaijan, Georgia, and Türkiye, Gio Cristofoli, told reporters at the Baku Energy Forum.
According to him, the deadline for fulfilling the contractual obligation for this process is set for July 1, and the company is fully adhering to this schedule. He emphasized that this is not about bp exiting the asset, but rather about fulfilling contractual commitments.
"In order for SOCAR to act as the operator, extensive preparatory work was carried out. The company possesses the necessary experience and capabilities for effective pipeline management," he noted. According to him, short-term fluctuations in oil prices do not affect the company's investment decisions.
Back in December 2025, bp stated that discussions were being held with relevant authorities for the timely planning of necessary measures to transfer operatorship of the Baku-Supsa and Baku-Tbilisi-Ceyhan pipelines.
Notably, the Baku-Tbilisi-Ceyhan (BTC) oil pipeline transports oil from the Azeri-Chirag-Gunashli (ACG) field and condensate from the Shah Deniz field through the territories of Azerbaijan, Georgia, and Türkiye. It connects the Sangachal terminal on the shores of the Caspian Sea with the Ceyhan marine terminal on the Turkish Mediterranean. In addition, the transportation of oil from Turkmenistan and Kazakhstan continues through this pipeline. The pipeline, commissioned in June 2006, was built by the Baku-Tbilisi-Ceyhan Pipeline Company (BTC Co.), operated by bp.
The shareholders of BTC Co. are: bp (30.10%), SOCAR (32.97%), MOL (8.90%), TPAO (6.53%), Eni (5.00%), TotalEnergies (5.00%), ITOCHU (3.40%), ONGC Videsh (3.10%), ExxonMobil (2.50%), and INPEX (2.50%).

RENEWABLE ENERGY

Azerbaijan and the United States have concluded a framework agreement on the extraction and supply of rare earth metals. The document was signed by Mikayil Jabbarov, Minister of Economy of Azerbaijan, and Caleb Orr, US Assistant Secretary of State for Economic Affairs. The document was signed within the framework of Baku Energy Week. A similar agreement was previously concluded between Armenia and the United States during a visit to Yerevan by US Secretary of State Marco Rubio.
Within the framework of Baku Energy Week, the President of SOCAR, Rovshan Najaf, met with the Vice President of ExxonMobil Corporation, John Ardill. During the meeting, the successful development of long-term partnership relations between SOCAR and ExxonMobil Corporation in the energy sector was noted.
A meeting took place between delegations led by Baba Rzayev, Chairman of the Board of OJSC "Azenerji"; Nabi Aytzhanov, Chairman of the Board of JSC "Kazakhstan Electricity Grid Operating Company" (KEGOC); and Feruz Kurbanov, Deputy Chairman of the Board of JSC "National Electric Grids of Uzbekistan." During the meeting, an exchange of views took place on the current state and prospects for the development of energy cooperation between Azerbaijan, Kazakhstan, and Uzbekistan.
At the same time, during the meeting, where issues concerning the implementation of new technologies and the integration of renewable energy sources into the power grid were discussed, an exchange of experience was conducted regarding the recently launched Battery Energy Storage Systems (BESS) in Azerbaijan, which feature a capacity of 250 MW and a storage capacity of 500 MWh.

On Monday, June 15, Brent oil became cheaper by 5% to $82.8 per barrel, gold became more expensive by 2.8%, to $4,357.8 per ounce, Wall Street is growing — the S&P 500 futures gained 1.2%. Global markets are assessing the flow of news from the Middle East. The US and Iran announced the achievement of a temporary agreement, which is intended to end the 100-day war and open the Strait of Hormuz. Global markets demonstrated a classic reaction to the removal of the geopolitical premium. Similar dynamics were shown by Asian markets: the Japanese Nikkei-225 index approached a historical maximum.
On Tuesday, June 16, the geopolitical factor remained the same, but the trend of declining prices persisted, prices continued adjustment, Brent costs $81.39, retreating by approximately 2% from yesterday's prices. A similar situation is with WTI Crude, which costs $78.7 bar. Thus, the role of the geopolitical factor is not the main one today in forming the main trends of the market.

Crude oil production of OPEC+ fell in May of this year to 28.428 and today to a record low level in the entire history of observations, the production of OPEC declined, amounting to only 16.13 million barrels per day. According to the publication, this is the lowest indicator since 2000. On the contrary, thanks to the leadership of President Trump, oil and gas production in the US reached record high levels. In 2025, crude oil production in the US reached a historical maximum of 13.6 million barrels per day — and it is expected that this trend will continue in 2026.

Global oil production volume (along with other liquid hydrocarbons) in 2025 amounted to approximately 102.5 million barrels per day. At the same time, the share of OPEC+ countries reached almost 56% of global volumes. Global oil production volume in 2026, according to forecasts of leading analytical agencies, is at the level from 99 to 104.7 million barrels per day, the share of OPEC+ countries in global oil production constitutes now about 35–40%.

"Markets have been waiting for this news for several months, and relief is already being felt," Bloomberg quotes Josh Gilbert, leading analyst at eToro for APAC and the Middle East. However, he continues, speaking about full confidence in the stability of peace is premature: "Investors' nerves will not calm down until the agreement is signed."

The fact of the matter is that the peace agreement between the US and Iran so far exists only in words: the parties will publish the official text only after the signing on June 19 in Switzerland. In addition, the interpretation of the arrangements by Washington and Tehran differs cardinally. If Trump speaks of a "Great Deal that brings peace," the Iranian media declare a "US capitulation" and emphasize that control over the strait will allegedly be retained by Iran and Oman.

As for the restoration of transit through the Strait of Hormuz, here the markets have so far taken a wait-and-see position. Dozens of tankers are idling in the region, hundreds of ships are waiting for the opportunity to leave the Persian Gulf. As Haris Khurshid, chief investment officer at Karobaar Capital emphasizes, "physical flows can be launched quickly, but trust does not return that quickly." In practice, according to Oversea-Chinese Banking Corp., the return of oil and gas volumes to pre-war levels may take up to three months: shipowners and insurers are in no hurry to return without guarantees of safety and transparency of conditions.

Oil prices are declining sharply on Monday on information about the achievement by the authorities of the US and Iran of arrangements that will allow ending hostilities in the Middle East and restoring the movement of ships through the Strait of Hormuz.

Representatives of the two countries will sign a memorandum of understanding on June 19 in Switzerland, reported the Prime Minister of Pakistan Shehbaz Sharif. Pakistan acts as a mediator in the negotiations between Washington and Tehran.

The memorandum is aimed primarily at the cessation of hostilities. The sharpest issues, such as the fate of the Iranian nuclear program, the parties will discuss at later stages. According to the Deputy Minister of Foreign Affairs of Iran Kazem Gharibabadi, 60 days after the signing ceremony are allocated for this.

By 14:30 Moscow time, August futures for Brent were becoming cheaper on the London ICE Futures exchange by $4.39 (5.03%) to $82.94 per barrel.
July futures for WTI by this time were becoming cheaper on the NYMEX exchange by $4.56 (5.37%), to $80.32 per barrel.
Earlier during the trading, the price of Brent dropped to $82.52 per barrel, WTI — to $79.73 per barrel. Prices are at minimums since March 10.

Caspian Energy (CE): Your Excellency, before we turn to the matters of Latvian-Azerbaijani relations, could you kindly share with us your journey into diplomacy? What inspired you to pursue this path, and what experiences have prepared you for your current mission here in Azerbaijan?

Edgars Skuja, Ambassador Extraordinary and Plenipotentiary of the Republic of Latvia to the Republic of Azerbaijan: First of all, I would like to thank you for the opportunity to share the information about Latvia and Azerbaijan.

When you ask about my appointment, I should say that there was a period in my career when I worked at the Ministry of Foreign Affairs of the Republic of Latvia, and I was responsible for the Latvian-Azerbaijani bilateral relations. I had a wonderful opportunity to visit Azerbaijan and participate in several high-level meetings as part of the delegations. I really enjoyed visiting Azerbaijan, so when I was asked about my view on my nomination as Ambassador to your country, I was delighted and agreed immediately.

In general, I started my career at the Foreign Ministry in 1993, and this is my sixth appointment as Ambassador. I arrived in Baku directly from Brussels in September 2023, having completed my diplomatic mission to NATO.

Caspian Energy (CE): Your Excellency, what inspired you to pursue diplomacy?

Kęstutis Vaškelevičius, Ambassador Extraordinary and Plenipotentiary of the Republic of Lithuania to the Azerbaijan Republic: I became interested in diplomacy via history. As a teenager, I was fascinated by the stories my father used to tell me about Lithuanian partisans fighting Soviet occupation in the nearby forests and villages of where my father was born. History taught me about the importance of international relations and diplomacy.

CE: Why is this mission in Azerbaijan significant for you?
Kęstutis Vaškelevičius: Again, history might help to reveal the importance of Lithuania-Azerbaijan relations. There were moments in our relationships, in particular in 1989-1991, when mutual understanding and solidarity helped our nations on our road to freedom. Today, both Lithuania and Azerbaijan are independent successful countries. But it doesn’t mean that challenges to our independence are over. Just across our borders, we see dangerous imperialistic ambitions. History reminds us that even the largest aggressor is afraid of solidarity among free nations. The current geopolitical environment calls for more solidarity among freedom-loving nations.

Today, I also appreciate Azerbaijan’s dynamic pace of development and its growing international role. Therefore, partnerships between Lithuania-Azerbaijan, as well as the EU and Azerbaijan, are also growing in importance. These partnerships can bring a significant contribution to strengthening the principles of international law, in isolating aggressors and in helping to advance peace and prosperity in our region and beyond.

An important part of my mission is also contributing to strengthening the friendship between the Lithuanian and Azerbaijani people. Better understanding and appreciating the rich history and culture of our peoples is something very valuable to the bilateral Lithuanian-Azerbaijani agenda.

The United Arab Emirates has announced its withdrawal from OPEC and OPEC+ effective May 1, 2026; the decision was made against the backdrop of the crisis surrounding the Strait of Hormuz. The UAE has long been considered an influential participant in OPEC+. In the entire 65-year history of OPEC, this is the first withdrawal from the organization by one of its largest producers. Previously, according to the organization’s data, Gabon terminated its membership in January 1995. However, in July 2016, it rejoined the Organization. Qatar terminated its membership on January 1, 2019. Angola withdrew from the composition on January 1, 2024.

Along with Saudi Arabia, the country played the role of one of the key swing producers that can promptly change production volumes and influence the balance of the global market. In recent years, the UAE has actively invested in expanding oil infrastructure and production capacities. Prior to the blockade of the strait in February 2026, production amounted to 3.41 million bpd. This is third place after Saudi Arabia and Iraq, which corresponds to: 11.9% of all OPEC production, 8% of OPEC+ countries, and about 3–4% of global production. Prior to this, the Organization of the Petroleum Exporting Countries and its partners (OPEC+) agreed to increase oil production limits in May by 206 thousand bpd. This follows from a joint statement of eight countries—Russia, Saudi Arabia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—published on Sunday, April 5, following a video conference. In early April, the countries made a decision on the adjustment of oil production volumes to "maintain stability in the market," the statement says. At the last such meeting, which took place in March, OPEC+ members had already increased limits by 206 thousand bpd.
Earlier, the Reuters agency, citing sources, wrote that the increase in production by OPEC+ countries should serve as a signal to the global market of the readiness for further ramp-up of oil production. In particular, the increase in May quotas should help stabilize the sentiments of petroleum product buyers against the backdrop of the blockade of the Strait of Hormuz and the war of the US and Israel with Iran, which have already led to an energy crisis. Russia, Saudi Arabia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman in September 2025 completed the early exit from cuts of 2.2 million barrels per day, and in October began the gradual phase-out of the additional production restriction of another 1.65 million barrels. For January-March 2026, the OPEC+ countries took a pause in the production increase.
The next OPEC+ meeting is scheduled for May 3.
Against the backdrop of the geopolitical crisis and intensifying political instability in the Middle East, the consequence of which has been high market volatility, large organizations such as OPEC+ cannot respond flexibly to the current situation, which is fully available to exporters not belonging to OPEC. Since the price break-even points for decision-making according to fiscal deficit indicators differ among OPEC+ countries, more and more time is required to coordinate a consistent and coordinated policy. On the other hand, the very conjuncture of the oil market is also changing inevitably in the case of the oil industry, which requires a quick reaction from the supplier. In particular, Thailand, which previously imported about half of its oil from Persian Gulf countries, has begun negotiations with Russia. India, for the first time in seven years, purchased oil from Iran. To stabilize the situation in the market, the USA also temporarily suspended the action of sanctions on oil from Russia that was loaded onto tankers before March 12, 2026.
Therefore, the longer the crisis lasts, the greater the probability of the collapse of OPEC+ up to the complete termination of its existence. For now, hypothetically, having lost the main lever of price regulation, the market will acquire even greater volatility and plunge into an abyss of uncontrolled growth and fall of prices and various kinds of market costs. Further, the resolution of the issue of energy security will call into question the globalization of the market, which will require new trade alliances, regulations of internal budgets of countries and trade, a review of investment and fiscal policy; national banks will strengthen regulation, the inevitable victim of which will be the private sector and knowledge-intensive industries; the market will undergo changes, and energy will become a luxury for the 1 billion people already lacking access to electricity.

From OPEC History: At the Baghdad Conference, which took place on September 10–14, 1960, the Organization of the Petroleum Exporting Countries (OPEC) was established. Over 65 years, it has become the largest alliance, whose members control 80% of all proven raw material reserves on the planet and 64% of its global production (and even more taking into account the OPEC+ participant countries).

OPEC was founded on September 14, 1960, by five countries: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Later, they were joined by Libya (1962), the UAE (1967), Algeria (1969), Nigeria (1971), Gabon (1975), Equatorial Guinea (2017), and Congo (2018). In September 1965, the headquarters of the alliance was moved to Vienna.

In December 2016, the Declaration of Cooperation (DoC) was signed, within the framework of which members of the organization and 10 exporting countries not belonging to the alliance united with the goal of restoring the oil market. The new informal format received the name OPEC+. Now OPEC includes 12 countries, and another 11, including Russia, participate in the expanded format.

The leaders in oil exports are Saudi Arabia (6 million bpd, 14% of the total volume), Russia (4.5 million bpd, 10.5%), the USA (4.1 million bpd, 9.5%), the UAE 3-3.5 million bpd (4% of world production), Canada (3.6 million bpd, 8.2%), and Iraq (3.4 million bpd, 7.8%). In total, they account for 50% of all oil export.

The International Energy Agency (IEA), in its April edition of the "Oil Market Report" (OMR), noted that global oil supplies fell sharply in March by 10.1 million barrels per day (mb/d) to 97 mb/d. Oil production by OPEC+ countries dropped by 9.4 mb/d compared to the previous month to 42.4 mb/d, while supplies from non-OPEC+ countries decreased by 770,000 barrels per day to 54.7 mb/d. The IEA report also estimates that these disruptions could lead to a loss of 440 million barrels in April.

Oil exports from Persian Gulf countries fell sharply, with total losses exceeding 13 million barrels per day. Deliveries through the Strait of Hormuz in early April averaged about 3.8 million barrels per day, compared to more than 20 million barrels per day in February. Exports via alternative routes—primarily from the west coast of Saudi Arabia and Fujairah on the east coast of the UAE, as well as via the ITP pipeline running from Iraq to Ceyhan in Türkiye — increased to 7.2 million barrels per day from less than 4 million barrels per day before the war.

The supply shock led to a sharp rise in oil prices. The price of North Sea Dated oil was around $130 per barrel, which is approximately $60 above pre-conflict levels, while physical oil prices jumped to $150 per barrel, significantly exceeding futures prices. Oil product markets also tightened, with middle distillate prices in Singapore reaching above $290 per barrel.

According to IEA forecasts, global oil demand in 2026 will contract by 80,000 barrels per day, which is 730,000 barrels per day less than was predicted last month. In March, demand fell by 800,000 barrels per day year-on-year, and a decrease of 2.3 million barrels per day is projected for April. The IEA estimates that the 1.5 million barrel per day year-on-year drop in the second quarter of 2026 will be the sharpest since the start of the COVID-19 pandemic.

According to IEA data, the most notable reduction is observed in the petrochemical feedstock segment. In April, demand for LPG/ethane and naphtha decreased by 1.8 mb/d, while demand for transport fuels such as gasoil, gasoline, and jet fuel fell by approximately 1% in each case.

Regional impacts vary. Demand in OECD countries is projected to decline by 240,000 barrels per day in 2026, while demand in non-OECD countries will grow by 150,000 barrels per day, partially offset by a decline of 250,000 barrels per day in the Middle East. Demand in China is projected to increase by 80,000 barrels per day, and in India by 130,000 barrels per day, while the Middle East recorded the largest regional contraction of 250,000 barrels per day.

Oil inventories were drawn down to compensate for the supply deficit. Global observed oil inventories decreased by 85 million barrels in March, including 205 million barrels outside the Persian Gulf. At the same time, floating storage in the Middle East increased by 100 million barrels, and onshore crude oil stocks in the region rose by 20 million barrels, with China adding 40 million barrels of crude oil to its storage facilities.

In April, refineries in the Middle East and Asia, experiencing feedstock shortages, reduced processing volumes by approximately 6 million barrels per day to 77.2 million barrels per day. On average, global oil refinery throughput is expected to decrease by 1 million barrels per day in 2026 to 82.9 million barrels per day.
The two-week truce announced on April 7 brought only limited relief; however, uncertainty remains as to whether it will lead to a sustainable recovery of shipping through the Strait of Hormuz, the IEA noted. The U.S. blockade of vessels entering or leaving Iranian ports will further complicate the situation.

The IEA stated that the potential further path of developments could be described by two scenarios. In the base case scenario, oil supplies gradually resume from May, with the market balance shifting to a surplus of 2.5 mb/d in the second half of 2026. In a prolonged crisis scenario, the supply deficit persists, requiring a stock draw of 6 mb/d and leading to cumulative losses approaching 2 billion barrels by the end of the year. The trajectory of the Strait of Hormuz remains the central factor determining the recovery of supplies, price stability, and the overall outlook for global oil markets, the IEA report says.

Over the last seven years, Kazakhstan's agricultural output has nearly doubled

The gross agricultural output in Kazakhstan has increased nearly twofold over the past seven years — rising from 5.2 trillion tenge in 2019 to 9.8 trillion tenge in 2025. This was reported by Kazinform, citing the Ministry of Agriculture. These results were made possible by the strategic development course for the agro-industrial complex set by the Head of State, as well as comprehensive government support measures for the industry.
A significant impact was made by the large-scale financial support provided to farmers. Driven by concessional loans — the volume of which reached 1 trillion tenge — the agricultural sector has demonstrated record-breaking indicators for the second consecutive year, confirming the stability and efficiency of the agrarian industry.
The positive dynamics were the result of enhanced technological equipment in agriculture, the expansion of modern agricultural technologies, the use of high-quality seed material, and an increase in the volume of fertilizer application.
Thanks to the saturation of the sector with preferential financial resources, it was possible to significantly expand the coverage of farmers with financing — around 14,000 agricultural producers gained access to affordable credit funds. This allowed domestic farmers to improve the quality of planning and the discipline in fulfilling financial obligations.
In 2025, a record harvest of oilseeds was also achieved — 4.9 million tons, along with 1 million tons of legumes. A total of 2.8 million tons of potatoes, 3.7 million tons of vegetables, and 2.5 million tons of melon crops were harvested. The gross harvest of raw cotton amounted to 466,000 tons with a yield of 3.2 tons per hectare—the highest figure in the last 18 years.
The level of equipment renewal increased from 5.5% to 6.5%. The processing industry also shows significant growth. By the end of 2025, the production volume of food products amounted to 3.9 trillion tenge, which is 8% higher than the 2024 level (3.3 trillion tenge).
Compared to 2019, food production has grown 2.3 times — from 1.7 trillion to 3.9 trillion tenge.
Today, the share of food production accounts for 13% of the structure of the manufacturing industry and 6% of the total industrial production.
In recent years, the output of key products has increased significantly: butter production doubled, vegetable oil increased 1.9 times, cheese and curd by 1.7 times, and sausage products by 43.3%. Furthermore, processed milk output rose by 16.4%, flour by 10.7%, and pasta products by 1.4%.
At present, the self-sufficiency of the domestic market for the 24 primary food commodities stands at 80–100% or higher, driven by domestic production.
To stabilize prices for socially significant food products, regions have contracted 246,900 tons of produce, including potatoes, onions, cabbage, and carrots. Sales are conducted through retail chains, social grocery stores, and distribution outlets of Social-Entrepreneurial Corporations at fixed, reduced prices.
As of March 11, 153,400 tons of produce have already been sold, including 89,900 tons of potatoes, 17,400 tons of onions, 22,000 tons of carrots, and 24,100 tons of cabbage.
According to official statistics, the price index for socially significant food products remains stable. Price monitoring and control over the adherence to the trade margin for socially significant food products, not exceeding 15% of the producer's price, is carried out on an ongoing basis.
Systemic state support aimed at diversifying production and increasing the share of high-value-added products has also had a positive impact on the export performance of the sector. For the first time in the last 10 years, Kazakhstan's agribusiness sector export reached 7 billion US dollars, exceeding last year's figure by 37%. The harvested crop is sufficient to fully meet the needs of the domestic market and expand export supplies. In the 2024–2025 marketing year, 15.3 million tons of grain were exported, which is almost 60% higher than the same period last year (9.6 million tons) and represents the highest export figure in the last 20 years.
All of this indicates that Kazakhstan's agricultural sector is confidently strengthening its position as one of the key drivers of the country’s economic development.
As previously reported, the Ministry of Agriculture of the Republic of Kazakhstan has launched preferential livestock financing at 6%.

The International Energy Agency (IEA) recently released its natural gas market report for the first quarter of 2025. The report indicates that global demand for natural gas grew steadily in 2024, though the growth rate is expected to slow in 2025, reaching approximately 4.286 trillion cubic meters. It is projected that the supply of liquefied natural gas (LNG) will continue to grow into 2026, while natural gas consumption is set to keep rising, potentially breaking historical records. Notably, gas prices spiked in the first half of 2025 due to supply shortages but declined in the second half of the year as LNG production increased in the U.S. and other regions.

Driven by expanding industrial activity, natural gas consumption in Africa increased by 3% in 2025 and is projected to grow by 2.5% in 2026. However, in terms of global regional consumption in 2025, the highest volumes are attributed to North America and Asia, while Africa's consumption remains relatively low. Specifically, North America will consume 1.175 trillion cubic meters, the Asia-Pacific region will consume 982 billion cubic meters, the Middle East 639 billion cubic meters, Europe 522 billion cubic meters, Africa 175 billion cubic meters, and Latin America 154 billion cubic meters. Caspian Energy Media reports, citing shpgx.com.

Furthermore, the report shows that although Africa's LNG exports decreased in 2025, new exporting countries have emerged. Nigeria became Africa's largest LNG exporter, while recently constructed Floating Liquefied Natural Gas (FLNG) facilities in the Republic of the Congo and Senegal have expanded their capacities. Mauritania has also emerged as a new LNG exporter. In addition, Angola, Mozambique, and Nigeria have demonstrated further expansion of their LNG business operations.

African LNG exports decreased by 15% in 2025, driven by factors such as falling exports from Algeria and rising imports from Egypt. Algeria's LNG exports in 2025 dropped by 18% compared to 2024, a decline attributed to growing domestic demand, aging oilfield infrastructure, and the necessity of conducting scheduled maintenance. Furthermore, natural gas production in Egypt significantly decreased while domestic demand grew, resulting in LNG imports reaching 12.5 billion cubic meters (bcm) in 2025. Approximately 80% of these imports originated from the United States. Additionally, Egypt imported 8.4 billion cubic meters of natural gas from Israel via pipeline. Although Mozambique continues to face security challenges and financing uncertainty, new LNG projects are expected to come online in 2028.