Arkab participates in Riyadh in the meetings of OPEC, OPEC+, and the Joint Ministerial Monitoring Committee – Algerian Dialogue

The Minister of Energy and Mines, Muhammad Arkab, participated today, Sunday, from Riyadh (Saudi Arabia), via teleconference technology, in the work of the 188th Ministerial Conference of OPEC, the 54th meeting of the Joint Ministerial Monitoring Committee, and the 37th ministerial meeting of OPEC and non-OPEC countries. OPEC,” according to a statement by the ministry.

During these meetings, the ministers responsible for petroleum and representatives of the countries that signed the OPEC+ Declaration of Cooperation exchanged “views on the current situation of the international oil market and the prospects for its development in the short term,” the same source added.

The global economic situation, according to the ministry’s statement, remains “uncertain” regarding its development in the short term, due in particular to “stagnant growth in industrialized countries and moderate economic growth in many emerging countries.”

The same source explained that while global demand for oil is showing signs of slowing due to uncertainty about economic growth in many regions, “the oil market is still largely well supplied.”

As a result of the discussions, “it became clear that the decisions taken collectively and individually to adjust the production of OPEC+ countries in recent years were beneficial, demonstrating their effectiveness in achieving balance and stability in the market,” the Ministry emphasizes.

Mr. Arkab also participated, the statement says, in the Saudi capital, Riyadh, in a coordination meeting that brought together the OPEC+ countries, which reduced voluntary additional oil production.

After discussions at this meeting, the oil ministers of Algeria, Saudi Arabia, the United Arab Emirates, Iraq, Kazakhstan, Kuwait, Oman and Russia decided to continue voluntary cuts in production until the end of 2025, according to the ministry.

On the sidelines of the OPEC+ meetings, Mr. Arkab spoke with the Saudi Minister of Energy, Prince Abdulaziz bin Salman, “to discuss ways to strengthen bilateral relations between the two countries in the energy sector, especially with regard to exchanging experiences and promoting investment,” according to the statement.

Mr. Arkab also held discussions of common interest with several ministers present in Riyadh, including the Russian and Iraqi Deputy Prime Ministers, as well as the oil ministers of Kazakhstan and Kuwait.