Algerian Minister of Hydrocarbons Mohamed Arkab has underscored the importance of the Algiers Agreement, marking a significant milestone in cooperation among oil-producing countries. The agreement, signed in 2016, laid the groundwork for a broader framework of cooperation with non-OPEC countries under the OPEC+ mechanism. Arkab highlighted Algeria's major role in promoting coordination and cooperation among producers, driven by its commitment to dialogue and consensus-building.
During a meeting with OPEC Secretary-General Haitham Al Ghais, Arkab reaffirmed Algeria's dedication to the principles of dialogue, collective responsibility, and consensus-seeking that underpin OPEC's actions and cooperation within OPEC+. The two officials discussed the current state of the global oil market and the challenges it faces. Arkab emphasized Algeria's ongoing contributions to dialogue and coordination within OPEC and OPEC+, stressing the need for unity and cooperation among producers to maintain market stability.
Haitham Al Ghais praised Algeria's central and historical role in supporting OPEC since its inception and promoting stability in oil markets. The OPEC Secretary-General noted that the meeting allowed for the examination of several OPEC and OPEC+-related issues, focusing on preserving global oil and energy market stability. Al Ghais expressed gratitude to Algerian President Abdelmadjid Tebboune for the country's support to OPEC and OPEC+ efforts.
The Algiers Agreement, signed on September 28, 2016, marked a decisive step in strengthening cooperation between OPEC and non-OPEC countries. The agreement built on previous historical meetings held in Algeria, including the 1975 Algiers Summit and the 2008 Oran meeting. Arkab and Al Ghais reviewed the evolution of the global oil market, discussing key challenges and prospects for cooperation among OPEC and OPEC+ member countries.
The meeting between Arkab and Al Ghais was attended by senior officials from Algeria's hydrocarbon sector, including Sonatrach's CEO Nour Eddine Daoudi and the president of the National Agency for the Valorization of Hydrocarbon Resources (Alnaft), Abdelkader Cherfaoui. The discussions covered various topics, including coordination, cooperation, and the functioning of OPEC and OPEC+.
Both parties reiterated their commitment to ongoing consultations and strengthened cooperation between Algeria and OPEC on issues related to the international oil market. The meeting highlighted the significance of the Algiers Agreement, which has facilitated dialogue and cooperation among oil-producing countries. Algeria's role in promoting stability in the global oil market was also emphasized.
The 10th anniversary of the Algiers Agreement marks a significant milestone in OPEC's history, demonstrating the effectiveness of cooperation between OPEC and non-OPEC countries. As the global energy landscape continues to evolve, the agreement's impact on maintaining market stability and promoting cooperation among producers remains crucial.
Key points
- Algerian Minister of Hydrocarbons Mohamed Arkab emphasizes the Algiers Agreement's importance in fostering cooperation among oil-producing countries within OPEC and OPEC+.
- OPEC Secretary-General Haitham Al Ghais praises Algeria's central role in supporting OPEC and promoting stability in oil markets.
- The Algiers Agreement has facilitated dialogue and cooperation among oil-producing countries, contributing to global oil market stability.
