The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais, has emphasized that Algeria remains at the heart of cooperation among oil-producing countries. He made these remarks during an interview broadcast on public television, highlighting the significance of the Algiers Declaration as the foundation of cooperation among OPEC member states. This declaration has played a crucial role in shaping the organization's efforts to stabilize the oil market.
Haitham Al Ghais also noted that global energy consumption is expected to increase by 23% by 2050. He pointed out that natural gas will become the second most important source of energy by 2050, according to OPEC studies and those of several other organizations. The Secretary-General's statements underscore the importance of Algeria's role in OPEC, particularly in the context of the organization's efforts to address future energy challenges.
The Algiers Declaration, signed in 2016, is considered a landmark agreement that has led to the creation of a high-level committee tasked with implementing recommendations. This committee, chaired by Algeria, has defined the frameworks and mechanisms that continue to be used today. The agreement, also known as the OPEC+ deal, has been instrumental in stabilizing the oil market and promoting cooperation among member states.
Haitham Al Ghais met with Algerian President Abdelmadjid Tebboune, expressing his gratitude for the warm welcome and hospitality extended to him. The meeting, which was marked by friendship and cordiality, provided an opportunity for the two leaders to discuss important issues related to OPEC and the current state of the oil market. The President of the Republic and the Algerian government have reiterated their support for OPEC and its efforts.
The OPEC Secretary-General highlighted the historical significance of Algeria's role in the organization, dating back to the first summit of OPEC member states held in Algiers in 1975. He praised Algeria's commitment to respecting OPEC's decisions, both historical and current, which has been evident in the discussions he had with President Tebboune. Algeria's engagement has been crucial in shaping OPEC's policies and strategies.
Haitham Al Ghais also emphasized that the OPEC+ agreement is not limited to supporting the stability of oil markets but also opens up new avenues for cooperation in various fields. He described the agreement as a historic one that will remain a reference point for those studying the history of the energy industry and markets in the future. The OPEC Secretary-General expressed his appreciation for Algeria's support over the years.
The meeting between Haitham Al Ghais and President Abdelmadjid Tebboune took place on the 10th anniversary of the Declaration of Cooperation, which was born out of the Algiers Declaration. The two leaders discussed various topics, including the current situation in the oil market and the challenges facing OPEC. The Algerian government's support for OPEC has been unwavering, and the country's role in the organization continues to be significant.
Key points
- OPEC Secretary-General Haitham Al Ghais predicts a 23% increase in global energy consumption by 2050.
- Algeria remains at the heart of OPEC cooperation, with a significant role in shaping the organization's policies and strategies.
- The Algiers Declaration, signed in 2016, has played a crucial role in stabilizing the oil market and promoting cooperation among OPEC member states.
