Algeria and Russia continue efforts to stabilize oil market

Algeria’s Prime Minister Ahmed Ouyahia and his Russian counterpart Dmitry Medvedev expressed their desire to continue efforts to make a balance in oil market.

Medvedev Tuesday said “Algeria and Russia’s positions are totally the same about the reduction of production according to Vienna’s Agreement.”

“Russia wants to continue those endeavours and discussing the issue with all the concerned nations,” he added.

He believes that “it is very important to follow the implementation of the Agreement by all the partners.”

He praised Algeria’s commitment to determined production levels as part of the Agreement. “This will help to stabilize oil markets, raise incomes and create new growth opportunities.”

Medvedev also praised Algeria’s efforts to establish a dialogue about oil markets stability.

Earlier in December 2016, oil producing countries and 11 other oil exporters signed Vienna’s agreement to reduce production. 

Medvedev renewed Russia’s determination to “play its important role in this agreement.”

Ouyahia said “dialogue is continuing about Vienna’s Agreement to ensure its implementation.”

He expressed his “delight” about e recent meeting between Russian President Vladimir Putin and Saudi King Salman Ben Abdelaziz Al Saoud. 

“I hope that the implementation of the Agreement would continue so that oil prices would go up,” said the Algerian Prime Minister.

He praised Russia’s role in mobilizing countries to reach Vienna’s Agreement, saying “the two countries’ vital interests are similar in terms of hydrocarbons. They are basic in the Algerian economy and have a big weight in the Russian economy as well.”