The Minister of State, Minister of Energy and Mines, Mohamed Arkab, participated on Sunday via video conference in a coordination meeting of the eight countries signatory to the Declaration of Cooperation (OPEC+) that are implementing voluntary production adjustments: Algeria, Saudi Arabia, the United Arab Emirates, Iraq, Kazakhstan, Kuwait, Oman, and Russia.
According to a statement from the Ministry, this meeting, held in the presence of Sonatrach CEO Noureddine Daoudi, the President of the National Agency for the Valorization of Hydrocarbon Resources (ALNAFT) Samir Bekhti, and sector officials, is part of the periodic monitoring of global oil market developments and aims to strengthen coordination among the eight countries to ensure market stability and balance.
During the meeting, the ministers held in-depth and constructive consultations on the short-term prospects of the global oil market, within an economic environment that remains characterized by some uncertainty but shows encouraging signs of gradual improvement.
The ministers noted that the current moderation in demand, mainly linked to seasonal factors, is expected to gradually recede, paving the way for a gradual recovery in consumption levels in the coming months.
At the conclusion of the meeting, the ministers decided to begin a collective production increase of 206,000 barrels per day during the month of April. For Algeria, this step translates into an increase of 6,000 barrels per day during the same month.
The participants also renewed their commitment to continue regular consultations and work in a responsible, coordinated, and proactive manner to ensure the maintenance of stability and balance in the global oil market.
