The ministers of oil producing and exporting countries from the Organization of Petroleum Exporting Countries (OPEC) will meet in the Austrian capital of Vienna this week, in the presence of Energy Minister Mustapha Guitouni, in the light of a price of an oil barrel reaching no more than $ 74 on the world market.
Energy experts are monitoring 4 scenarios from oil producing countries including Algeria, with the cartel either raising production to 2016 levels, which means adding 1.8 million barrels per day, or hiking production by only one million barrels per day, or keeping the signatories of the cut output agreement at the same levels of production as previously agreed, or opening the production space according to the capacity of each country, which means relinquishing the reduction agreement.
According to a statement issued by the Ministry of Energy, of which “Echorouk” received a copy, the Minister of Energy Mustapha Guitouni is slated to attend tomorrow the ninth meeting of the Monitoring Committee of the Organization of Petroleum producing and exporting countries “OPEC” and non-member countries, “GMMC” in the Austrian capital Vienna, with on the roundtable the declaration signed between 24 OPEC and non-OPEC countries on 10 December 2016.
The committee consists of four countries: Saudi Arabia, Kuwait, Venezuela, Algeria and two non-OPEC member states, Oman and Russia. The 2018 symposium will be chaired by the United Arab Emirates, which will spearhead the meetings of the monitoring committee.
As a recall, Energy Minister Mustapha Guitouni also took part in the OPEC ministerial meeting on 22 June and the fourth ministerial meeting of the OPEC and non-OPEC countries on 23 June.
The Minister of Energy will also take the floor on the sidelines of the 7th OPEC International Conference, which will be held tomorrow in Vienna (Austria).
The seventh international conference is one of the most important international forums, considering the weight of energy experts and specialists attending who will explain the ins and outs of the energy market and will put under perusal “the game of oil prices,” in the presence of all the ministers of OPEC countries and those of non-OPEC countries with on focus various objectives revolving around the theme of “petroleum cooperation for a permanent future.”
On this occasion, the Minister of Energy will expound Algeria’s sustained efforts aimed at stabilizing the oil market and achieving a clean global economy in conjunction with various member countries and non-members of the Organization of Petroleum Exporting Countries, by notably fostering dialogues and negotiations with various players in the oil market across the world.
For reference, the idea of adjusting the oil market through the ceiling of production set as part of the informal OPEC agreement was thrashed out in Algeria in September 2016.