Algeria Confirms Continuation Of Its Role In Buttressing Global Oil Market Stability

Algeria confirmed the continuation of its active role in supporting global oil market stability, through its commitment to “OPEC+” decisions and enhancing dialogue and coordination among producing countries, coinciding with the decision of the seven countries participating in voluntary production adjustments to keep their production levels unchanged during November.

This came out during the ministerial meeting of the “OPEC+” alliance, held yesterday, Sunday, via videoconference, with the participation of the Minister of State, Minister of Energy and Mines, Mr. Mohamed Arkab, which brought together the seven countries making voluntary adjustments to their production.

Algeria, along with Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman, and Russia, decided to keep their total production level unchanged for the month of November, in light of recent developments in the global oil market.

Mr. Arkab emphasized, during the meeting, that strict and sustainable commitment to the collective decisions of the “OPEC+” alliance “constitutes a fundamental element in the cooperation between participating countries, and contributes to supporting the stability of the global oil market”.

Algeria continues, within the framework of its efforts to support price stability, to play an active role in dialogue and consultation efforts between producing countries, being among the initiating countries of several agreements that established coordination among producers.