ALGIERS – Wednesday, 24 August 2022 (APS) – Algeria stands ready, with all its OPEC+ partners, to take the necessary measures to maintain the stability and the balance of the international oil market, the minister of Energy and Mines, Mohamed Arkab, said Wednesday, announcing that OPEC+ will meet on September 5th to assess the developments in the oil market and its prospects.
“OPEC+ countries will meet on September 5th to assess recent developments in the international oil market and short-term outlook,” the minister of Energy and Mines, Mohamed Arkab, said, adding that they “will also define a common approach for the coming months which will consolidate the efforts made by OPEC and its non-OPEC partners in the Declaration of Cooperation, in order to ensure the stability of the international oil market.”
The minister stressed that “this important meeting will take place at around the same date as the 6thanniversary of the Algiers Accord, which is the basis of the Declaration of Cooperation between OPEC and its non-OPEC partners.”
“Since then, Algeria has proved strict compliance with its monthly commitments to production adjustment and by active and constructive participation in the decisions taken within the Declaration of Cooperation.
Arkab raised concerns about “the elevated oil price volatility observed for several weeks which does not reflect a major change in the fundamentals of the oil market but is rather largely based on excessive anticipations and fears in the financial markets about a slowdown in economic growth and global oil demand.”
“Algeria stands ready, with all of its OPEC+ partners, to take the necessary measures to maintain the stability and the balance of the international oil market”.