The Organization of the Petroleum Exporting Countries (OPEC) is marking the tenth anniversary of the Algiers Agreement, an accord reached on September 28, 2016, that profoundly reshaped global oil cooperation. This historic compromise was secured through the dedicated efforts of Algerian oil diplomacy amidst a severe market crisis between 2014 and 2016. During this period, a massive surplus of crude oil, driven by the surge in American shale oil production combined with faltering demand, led to a dramatic collapse in Brent crude prices from $115 to $28 per barrel. This economic turbulence threatened the budgets of producing states and jeopardized long-term global supply security, making a collective response imperative.<\/p>\n
Recognizing that unilateral action by OPEC would be ineffective without the participation of non-OPEC producers, Algeria<\/a> launched an intensive diplomatic campaign in February 2015. The objective was to bridge often divergent national and geopolitical stances to foster a collective resolution. These efforts culminated on September 28, 2016, at the International Conference Center in Algiers, where an informal meeting transitioned into the 170th extraordinary OPEC conference. A historic consensus emerged, establishing a collective production ceiling between 32.5 and 33 million barrels per day, thereby re-establishing high-level dialogue and a foundational "common understanding" to address the crisis.<\/p>\n Following the Algiers Agreement, Algeria was entrusted with the crucial role of chairing the High-Level Committee, tasked with defining production quotas and managing country-specific details. Furthermore, Algerian impetus extended the dialogue to major non-OPEC producers, including Russia, Azerbaijan, Kazakhstan, Mexico, Oman, and Malaysia, paving the way for the Declaration of Cooperation adopted in Vienna on December 10, 2016, which officially established OPEC+<\/a>. Since its inception, Algeria has remained an active participant in OPEC+'s decision-making, consultation, monitoring, and coordination mechanisms. Its oil diplomacy consistently seeks systematic compromise to reconcile differing positions, notably during the collective response to the 2020 COVID-19 demand collapse and its ongoing involvement in voluntary production adjustments in 2023, 2024, and the current year of 2026, alongside key partners like Saudi Arabia and Russia, to sustain market balance.<\/p>\n","protected":false},"excerpt":{"rendered":" The Algiers Agreement, reached on September 28, 2016, transformed global oil cooperation, establishing a framework that continues to stabilize energy markets. Algeria’s diplomatic efforts were central to forging this historic consensus among oil producers during a period of market crisis.<\/p>\n","protected":false},"author":1,"featured_media":79978,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"cybocfi_hide_featured_image":"","iawp_total_views":1,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-79979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-algeria"],"acf":[],"_links":{"self":[{"href":"https:\/\/dzwatch.dz\/index.php?rest_route=\/wp\/v2\/posts\/79979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dzwatch.dz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dzwatch.dz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dzwatch.dz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dzwatch.dz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=79979"}],"version-history":[{"count":1,"href":"https:\/\/dzwatch.dz\/index.php?rest_route=\/wp\/v2\/posts\/79979\/revisions"}],"predecessor-version":[{"id":79980,"href":"https:\/\/dzwatch.dz\/index.php?rest_route=\/wp\/v2\/posts\/79979\/revisions\/79980"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dzwatch.dz\/index.php?rest_route=\/wp\/v2\/media\/79978"}],"wp:attachment":[{"href":"https:\/\/dzwatch.dz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=79979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dzwatch.dz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=79979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dzwatch.dz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=79979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}