Urgent Moves To Save Oil Prices In Algeria Meeting

Secretary-General of the International Energy Forum, Xiansheng Sun, is visiting Algeria starting from Tuesday, as the three day visit comes in “the framework of preparations for the 15th Ministerial Conference of the International Energy Forum that will be held from September 26 to 28 in Algiers.”

Energy Ministry said in a statement, on Monday, that the representative of the forum will meet with the Minister of the sector, Noureddine Bouterfa, and will also visit the International Conference Centre in Algiers, where this important international event will be hosted, according to the same source.

In the same context, the Deputy Chairman of the Algerian Association for Gas Industry, Abdelmadjid Attar, asserted the need to hold an informal meeting in Algiers, to enable the OPEP members to contribute to the recovery of crude oil prices.

Former Minister of Irrigation asserted, on Monday, in an interview with the national radio, the importance of holding this forum, which is organised annually by the OPEP countries, as the oil-producing countries, oil companies and energy consuming countries will meet in Algeria.

“OPEP Member States agreed to organise this meeting again in Algeria.”

“This will reflect enhancing expectations that oil prices will tend to stabilise and this could eventually be realised.”

In the meantime, Russia and Saudi Arabia agreed on Monday to form a working group to review the fundamentals in the oil market, and to make recommendations regarding the necessary actions to ensure stability in the crude market according to the join statement that was issued on the sidelines of the G20 summit.

Saudi Arabia’s Energy Minister, Khaled al-Falih, said in a press conference on the sidelines of the G20 summit that takes place in the city of Hang Xu, eastern China, that the Kingdom signed an agreement with Russia for cooperation in the oil market.

For his part, Russian Energy Minister Alexander Novak said that the cooperation with Saudi Arabia includes ways to ensure stability in the world oil markets, including the reduction of crude production.

At a time when diplomatic efforts were intensified since months ago, for an agreement on a possible freezing of production by the large oil exporters, and Iran announced that it was ready to raise crude production, as a senior official at the National Iranian Oil Company said, on Monday, that his country is ready to increase its crude oil production to four million barrels per day during the two months, according to the demand in the market.