Algeria Lines Up With “OPEC” And Saudi Arabia Versus American Efforts

A clear and explicit position of Algeria regarding the recent oil production cut by two million barrels per day, which was unanimously adopted by the “OPEC +” alliance, in alignment with the organization and Saudi Arabia, was manifested after severe criticism from Washington of the organization and Riyadh over the recent Vienna decision.

In this context, a statement by the Ministry of Energy and Mines, a copy of which was received by “Echorouk”, stated that a working and consultation meeting was held on Sunday in Algiers, between the Minister of Energy and Mines, Mohamed Arkab, and the visiting Secretary-General of the Organization of Petroleum Exporting Countries, Haitham Al-Ghais, and was attended by officials from the energy sector. and mines, as well as a delegation of “OPEC” officials.

The source indicated that Minister Arkab and the Secretary-General of the Organization exchanged identical views on the current situation of the international oil market and its development prospects in the short and medium term, in the face of uncertainties that have affected the global oil market for several weeks now.

Arkab and Al-Ghais expressed their full confidence in the positive impact of the October 5, 2022 agreement approved in Vienna, which aims to curtail global oil production by 2 million barrels per day as of November 1, 2022 from OPEC and its non-OPEC partners within the cooperation declaration, according to the statement.

In the face of the doubts that have affected the global oil market for several weeks, Arkab and Al-Ghais  hailed the adoption of the October 5, 2022 agreement, which will lead to restoring stability and balance in the international oil market, for the benefit of the producing countries, the oil industry and the global economy as a whole, according to the same source.

The Ministry of Energy’s statement indicated that Arkab discussed with Al-Ghais the major challenges facing the global oil industry and ways to overcome them by  bolstering coordination and stabilizing the role of the oil market by OPEC and its partners in “OPEC +”.

Haitham Al-Ghais, the statement added, highly praised Algeria’s firm and vital role in reconciling views and concluding major OPEC agreements.

It is evident from this that Algeria and the Organization of Petroleum Exporting Countries “OPEC” absolutely support the decision of the “OPEC +” alliance, which was taken unanimously on October 5, in Vienna, to reduce oil production by 2 barrels per day, and this is after American criticism of the decision, especially of the Kingdom of Saudi Arabia, and talk about Washington’s intention to re-evaluate US relationship with the Kingdom.

Following the American criticism, the Saudi Foreign Minister, Prince Faisal bin Farhan, said in press statements that “the decision of “OPEC +” is purely economic, and was taken unanimously by the member states,” adding that “the “OPEC +” countries acted responsibly and took the appropriate decision,” stressing however, that “the relationship with Washington is strategic and supports the security and stability of the region.”