Minister Arkab Participates in OPEC+ Oil Market Stability Talks
Minister of Energy and Hydrocarbons, Mohamed Arkab, participated in a consultative meeting of OPEC+ ministers in Riyadh, Saudi Arabia, on Monday. The meeting, held on the sidelines of the 17th International Energy Forum (IEF17) Ministerial Meeting and the 25th World Petroleum Congress (WPC Energy), focused on global oil market developments and the implications of maritime and logistical tensions on market stability and energy supply security. This participation underscores Algeria's active role in international energy coordination efforts.
During the session, ministers reviewed the global oil market conditions and affirmed their commitment to ongoing consultation and coordination among OPEC+ member states through established mechanisms, including the Joint Ministerial Monitoring Committee (JMMC) and the OPEC and non-OPEC Ministerial Meetings (ONOMM). They reiterated their adherence to the decisions made during the 41st OPEC+ Ministerial Meeting in June 2026, which aim to achieve and maintain global oil market stability. A key emphasis was placed on ensuring the safety of international maritime corridors, which is vital for the regular and uninterrupted flow of energy supplies.
The discussions highlighted that current disruptions in energy flows have led to unprecedented increases in shipping and insurance costs, in some cases exceeding one-third of the value of transported goods. These rising costs impede the timely and efficient transport of crude oil and petroleum products, contributing to increased inflationary pressures on the global economy. Ministers stressed that such exceptional increases in transport and insurance expenses impact all segments of the oil value chain, imposing greater and prolonged financial burdens on both producing and consuming nations, ultimately affecting global economic growth.
In closing, the ministers affirmed their continued close monitoring of the situation and committed to enhancing consultation with governments, energy industry stakeholders, and relevant international organizations, such as the International Energy Forum (IEF) and the International Energy Agency (IEA). These collaborative efforts aim to improve global maritime transport conditions and ensure the smooth flow of energy, thereby supporting the stability of the global oil market and strengthening international energy security. Algeria's consistent engagement reflects its dedication to addressing these critical challenges collectively.
