Algerian Minister of State, Minister of Hydrocarbons and Mines, Mohamed Arkab, participated on Sunday, via videoconference, in the coordination meeting of the Group of Eight countries within the OPEC+ framework.
The meeting was held as part of the regular monitoring of developments in the global oil market and with a view to strengthening coordination among the eight countries participating in the Declaration of Cooperation (OPEC+), which are implementing voluntary adjustments to their production levels, the Algerian Ministry of Hydrocarbons and Mines said in a statement, adding that the meeting was attended by the CEO of the Sonatrach Group, Noureddine Daoudi, the President of the National Agency for the Valorization of Hydrocarbon Resources, Samir Bakhti, as well as senior ministry officials.
During this meeting, the ministers held an in-depth exchange on the short-term outlook for the oil market, against the backdrop of an international economic context marked by uncertainty and seasonally moderate demand. The discussions also addressed recent developments in market fundamentals, as well as their outlook for the coming months, the statement said.
On this occasion, Arkab stressed the importance of exercising greater vigilance and strengthening close coordination, both within the Group of Eight countries and with all countries participating in the Declaration of Cooperation. He also reaffirmed Algeria’s commitment to the collective decisions adopted, which he considered consistent and appropriate to the current market conditions, while emphasizing the need to preserve the effectiveness and credibility of the cooperation mechanism, the source added.
At the conclusion of the meeting, the participants reaffirmed their commitment to continuing regular consultations and to acting in a responsible and proactive manner, in support of the stability of the global oil market.
