Minister of State, Minister of Hydrocarbons and Mines, Mohamed Arrekgab, participated in a virtual coordination meeting of the eight-nation group within OPEC+ on Sunday. The meeting focused on the regular monitoring of the global oil market situation.
The meeting saw the attendance of the CEO of Sonatrach, Nordine Daoudi, and the President of the National Agency for the Valuation of Hydrocarbon Resources, Samir Bakhti, along with ministry officials. Discussions centered around regularly monitoring the global oil market and strengthening coordination among the eight nations participating in the OPEC+ Declaration of Cooperation, which involves voluntary adjustments to production levels.
During the meeting, ministers engaged in an in-depth exchange on the short-term prospects of the oil market, considering the current international economic context characterized by uncertainty and seasonally moderate demand. Discussions also covered recent developments in market fundamentals and their outlook for the coming months.
Minister Arrekgab emphasized the importance of greater vigilance and enhanced close coordination, both within the eight-nation group and with all countries participating in the Declaration of Cooperation. He reaffirmed Algeria’s commitment to the collective decisions taken, deeming them consistent and appropriate for the current market conditions. He also stressed the need to maintain the effectiveness and credibility of the cooperation mechanism.
Participants reiterated their commitment to continuing consultations regularly and working responsibly and proactively to serve the stability of the global oil market.
DZWatch will continue to monitor developments in the global oil market and Algeria’s role within OPEC+.
