Minister Arkab Participates in OPEC Consultative Meeting on Market Stability
Algeria's Minister of Hydrocarbons, Mohamed Arkab, participated in a consultative meeting for ministers of OPEC and non-OPEC countries (OPEC+) in Riyadh, Saudi Arabia. The meeting focused on developments in the global oil market and the implications of maritime and logistical tensions for market stability and the security of energy supplies. This gathering occurred on the sidelines of the 17th Ministerial Meeting of the International Energy Forum (IEF17) and the 25th World Petroleum Congress (WPC Energy), held as part of Riyadh Energy Week from October 11 to 15.
During the session, ministers reviewed the global oil market situation and reaffirmed their commitment to ongoing consultation and coordination among OPEC+ nations through established mechanisms, including the Joint Ministerial Monitoring Committee (JMMC). They also reiterated their adherence to decisions made at the 41st OPEC and non-OPEC Ministerial Meeting on June 7, 2026, aimed at achieving and maintaining stability in the oil market.
Ministers underscored the critical importance of ensuring the safety of international maritime passages to guarantee a regular and uninterrupted flow of energy supplies. They affirmed that freedom of navigation and the security of sea transport routes are fundamental for the stability of global energy markets and the continuous provision of crude oil and petroleum products. The discussions acknowledged that current disruptions in energy flows have led to unprecedented increases in shipping and insurance costs, affecting transport efficiency and contributing to global inflationary pressures, which impacts the oil value chain for both producing and consuming nations.
In conclusion, the ministers pledged to continue closely monitoring developments and to enhance consultation with governments, energy industry stakeholders, and relevant international organizations such as the International Energy Forum and the International Energy Agency. These efforts are aimed at improving global maritime transport conditions and ensuring smooth energy flows, thereby supporting oil market stability and strengthening global energy security. Algeria's involvement in this meeting demonstrates its commitment to continued coordination and dialogue with OPEC+ countries, supporting collective efforts to maintain global oil market stability and enhance supply security.
