Algerian Minister of State and Minister of Hydrocarbons, Mohamed Arkab, will participate in a coordination meeting of the seven-country group under the OPEC+ framework on Sunday via videoconference, to review global oil market developments and strengthen coordination among countries participating in the Declaration of Cooperation, according to a ministry statement.
The ministry statement said that the meeting will include ministers from Algeria, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman and Russia, the seven countries currently making voluntary production adjustments under the OPEC+ framework.
The ministers will examine near-term market outlooks against the backdrop of shifting global supply and demand dynamics, while also evaluating current conditions in international oil markets and projecting trends for the coming period, according to the statement.
The meeting is part of the coordinated voluntary efforts by these seven OPEC+ members aimed at supporting stability and balance in global oil markets, the ministry said.
