Al-Ghais Highlights Algeria’s Crucial Contribution to Oil Stability

OPEC Secretary General Haitham Al-Ghais lauded Algeria's essential and historic contribution to the stability of the global oil market during his visit to Algiers. Mr. Al-Ghais emphasized Algeria's ongoing role within the OPEC+ alliance, highlighting its consistent efforts in fostering dialogue and sustainable cooperation between OPEC and non-OPEC producing nations.

The Secretary General particularly underscored the 2016 Algiers Agreement, noting its pivotal role in restoring balance to the oil market after a prolonged period of instability. He described this agreement as the "first building block" for the subsequent joint Declaration of Cooperation among OPEC+ members, marking it as a significant historical lesson in energy diplomacy and producer collaboration. This framework, he stated, laid the groundwork for a new era of collective action and became a primary mechanism for global oil market coordination.

Mr. Al-Ghais expressed satisfaction with Algeria's continued dedication to promoting dialogue and consistent cooperation among nations, evident through its steadfast participation in OPEC+ coordination mechanisms. He further noted that the cooperation initiated by the Algiers Agreement has expanded to encompass diverse areas such as the exchange of expertise, technology, research, and dialogue on critical energy and climate issues. Looking ahead, the OPEC Secretary General anticipates sustained global economic growth and a continued rise in oil demand, projecting that the global economy will double by 2050, driven by developing economies, leading to an estimated oil demand of 124 million barrels per day by then, with gas becoming the second largest energy source.