Algeria and the International Energy Forum (IEF) have agreed to strengthen their collaborative efforts aimed at fostering stability in global energy markets. The agreement was reached during bilateral discussions held in Riyadh between Algerian Minister of State, Minister of hydrocarbons and Mines, Mohamed Arkab, and IEF Secretary General, Joseph McMonigle.
The meeting, which took place on the sidelines of the 21st General Conference of UNIDO, provided an opportunity to review the current state of cooperation between Algeria and the IEF and explore avenues for further development, particularly in light of the significant transformations occurring within the global energy sector. Discussions centered on a comprehensive analysis of oil and gas market developments amidst ongoing volatility, as well as the challenges related to energy security and the energy transition.
Minister Arkab reiterated Algeria’s steadfast support for the IEF, recognizing it as the world’s largest gathering of energy ministers and a crucial platform for dialogue between producing and consuming nations. He emphasized that the IEF’s member states account for over 90% of global oil production.
The Minister stressed the importance of bolstering cooperation within this multilateral framework by expanding consultations, coordinating positions, and intensifying joint efforts to contribute to market stability and stimulate long-term investments in the oil and gas industries. He also highlighted the need to strengthen partnerships in areas such as training, knowledge sharing, and human capacity development, in addition to deepening the dialogue on how to leverage modern technologies to ensure a balanced energy transition that reconciles energy security imperatives with development needs.
Secretary General McMonigle commended Algeria’s active role within the IEF, praising the high level of dialogue that characterized the 15th IEF Ministerial Meeting held in Algiers in 2016. He acknowledged the significance of the “Algiers Accord” that emerged from that meeting, which later laid the foundation for the Declaration of Cooperation (DoC) between OPEC and non-OPEC countries.
McMonigle underscored the urgent need for sustainable and long-term investments in the hydrocarbons sector to address the continued rise in global oil and gas demand, advocating for a realistic approach that considers all energy sources and technologies.
DZWatch will continue to monitor developments in this area.
