Today, Wednesday, Minister of Energy and Mines, Mohamed Aroukab, participated remotely via video conferencing in the 59th meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC and non-OPEC.
According to a statement from the Ministry of Energy, the ministers discussed the current situation of the global oil market and its short-term development prospects. Additionally, the committee members evaluated the level of compliance with the production cut commitments for OPEC+ countries for the months of January and February 2024.
Minister Aroukab stated that “the ministers participating in the Joint Ministerial Monitoring Committee are closely and continuously monitoring the fundamentals of the oil market in the coming months, as the global economic situation in the near term remains uncertain, with significant variations in growth forecasts from region to region.”
He added, “This state of uncertainty could affect global oil demand growth, despite the market being adequately supplied.”
Regarding compliance with the commitments of OPEC+ countries, the Energy Minister noted that “through collective and individual efforts to adjust our production levels, we have gradually managed to restore the necessary conditions for a more stable oil market less susceptible to fluctuations.”
During the meeting, attended by the CEO of Sonatrach and the head of the National Agency for the Valorization of Hydrocarbons, along with officials from the ministry, Aroukab reiterated Algeria’s commitment to maintaining its voluntary and additional production cuts until June 2024.
