Experts Laud Algeria’s Decades-Long OPEC Diplomacy Success
Experts in the energy sector have collectively acknowledged the significant role of Algeria's energy diplomacy in brokering the "historic agreement" among OPEC nations on September 28, 2016. This landmark accord notably expanded, for the first time in the global oil market's history, to encompass major producers from outside the organization, forming the OPEC+ framework. This achievement of a consensus, which has endured for a decade among diverse nations, underscores the agreement's strength, resilience, and longevity, fundamentally altering the global understanding of oil cooperation.
Dr. Mohamed Zighed, an energy researcher, emphasized that the Algiers agreement brought about an unprecedented consensus, making its designation as "historic" accurate. Algeria is recognized as the originator, host, and staunch supporter of this initiative, which was conceived during a challenging period when oil prices plummeted from $115 to approximately $30 per barrel. The agreement successfully met its objectives by establishing consensus among OPEC members and subsequently extending it to ten key non-OPEC producers. Its outcomes included setting a production ceiling between 32.5 and 33 million barrels per day and forming a high-level committee, led by Algeria, to determine individual production quotas, which subsequently absorbed excess production and revived prices.
The intervening years have consistently demonstrated the agreement's robustness, not only through its expansion into OPEC+ but also by securing market stability and equitable prices for both producers and consumers over the past decade. Energy experts anticipate its continued endurance for many years, regarding it as the "cornerstone" of the current global oil consensus, resilient against international tensions and crises, and effective in safeguarding all parties' interests. Additionally, Minister of Energy and Mines, Mohamed Arkab, recently affirmed that Algeria continues its contributions to dialogue, coordination, and consultation within both OPEC and OPEC+, driven by its conviction that unity and cohesion among producing nations are vital for global oil market stability.
OPEC Secretary General Haitham Al Ghais commended Algeria's "pivotal and historic" role in supporting the organization since its inception. He highlighted several historic meetings held in Algeria that led to significant decisions, including the first summit of member states in Algiers in 1975, the Oran meeting in 2008, and the 2016 Algiers Agreement, which served as the foundational element for the OPEC+ framework. Al Ghais also extended gratitude to President Abdelmadjid Tebboune for Algeria's consistent support for the activities of both OPEC and OPEC+, underscoring the nation's ongoing commitment to stabilizing global oil markets.
