Market Stability Relies on Trust, Tebboune Directives, OPEC Says

OPEC Secretary General Haitham Al-Ghais expressed gratitude to President Abdelmadjid Tebboune for his judicious directives and continuous support, emphasizing Algeria's significant role in stabilizing global oil markets. His remarks followed a reception by President Tebboune and coincided with the commemoration of the 10th anniversary of the Algiers Agreement. The Secretary General lauded Algeria's consistent and steadfast backing for the Organization of the Petroleum Exporting Countries (OPEC).

Al-Ghais highlighted that genuine market stability is not solely built on data, but rather on trust, established mechanisms, and the collective will of nations to unite during challenging circumstances. He stressed that the Algiers Agreement, a decade after its declaration, continues to serve as a historical lesson, demonstrating that cooperation remains achievable even in the most difficult periods. The OPEC Secretary General further noted the integral connection between investment, supply security, economic stability, and the stability fostered by the OPEC+ agreement, underscoring the increasing importance of dialogue.

Expressing profound appreciation, the Secretary General specifically thanked President Tebboune for his leadership, pivotal role, and sound guidance in facilitating OPEC's operations. He extended similar gratitude to the Algerian government for its unwavering commitment to supporting dialogue and ensuring the stability of global oil markets. Furthermore, Minister of Energy and Mines, Mohamed Arkab, was acknowledged for his distinguished support and instrumental role in managing OPEC's affairs. Al-Ghais concluded by reiterating his sincere thanks to the Democratic People's Republic of Algeria, its leadership, and its people for the invitation to commemorate this special anniversary.