Algerian Minister of Energy, Mohamed Arkab, stated today that recent developments in the global oil market are being closely monitored. He emphasized the importance of the ‘Declaration of Cooperation’ countries’ collective efforts to maintain market stability.
In a statement, Minister Arkab highlighted the wisdom and foresight demonstrated by the ‘Declaration of Cooperation’ nations in their unanimous decision to reduce overall production by 2 million barrels per day until the end of 2023. This decision, he noted, was made transparently and with the aim of ensuring the stability and balance of the global oil market, ultimately benefiting the global economy.
The Minister cautioned that the efforts undertaken by the ‘Declaration of Cooperation’ countries over the past six years could be undermined by unilateral measures and legislation that distort market mechanisms. He warned that such actions could lead to underinvestment in the oil industry.
This underinvestment, in turn, could create significant disruptions in supply flows and foster conditions for lasting instability in the oil market. Minister Arkab stressed the need for continued cooperation and a rejection of policies that could jeopardize the delicate balance currently maintained.
The Algerian government remains committed to working with its partners to ensure a stable and predictable energy market that supports global economic growth.
