On September 28, 2026, OPEC Secretary-General Haitham Al Ghais met with Algerian President Abdelmadjid Tebboune to discuss the stability of global oil markets. During the meeting, Al Ghais highlighted the importance of cooperation and dialogue among OPEC member countries and their allies. He emphasized that stability in the oil market depends not only on data but also on trust, established mechanisms, and the willingness of nations to cooperate in complex situations.
Al Ghais is in Algeria to celebrate the 10th anniversary of the Algiers Agreement, which laid the foundation for the Declaration of Cooperation (DoC) between OPEC and non-OPEC countries. He praised President Tebboune for his leadership and support for OPEC, saying that Algeria has been a constant and unwavering supporter of the organization. The Secretary-General also commended the Algerian government for its commitment to dialogue and stability in the global oil market.
The current situation in the global oil market was also discussed during the meeting. Al Ghais stressed the need for continued consultation between OPEC countries and their allies, particularly in light of the current market conditions. He noted that investment, secure supplies, and economic stability are all closely linked to the stability provided by the OPEP+ agreement.
Al Ghais reviewed the various parameters that support the oil sector and ensure its sustainability, including the security of supplies and the availability of oil under contracts with many countries. He emphasized that the stability of the oil market is not just about data, but also about trust and cooperation among nations.
The Secretary-General reiterated the importance of maintaining dialogue and cooperation among OPEC countries and their allies. He stated that the necessity of dialogue remains intact and is, in fact, more crucial than ever. Al Ghais also emphasized that investment, infrastructure security, and economic stabilization in member countries are all linked to the stabilization of the OPEP+ agreement.
Al Ghais praised the Algiers Agreement as a significant event that has contributed to energy security for countries. He noted that the agreement has shown that even in difficult times, cooperation is possible, and this legacy should be remembered on its 10th anniversary. The Secretary-General expressed his gratitude to Algeria and its leaders for their support and invited him to participate in the celebration of this "very special anniversary".
The visit by Al Ghais to Algeria was at the invitation of Minister of State and Minister of Hydrocarbons Mohamed Arkab. The Secretary-General thanked Arkab for his support and role in managing OPEC's work. He concluded that the Algiers Agreement remains a lesson for history, 10 years after its signing.
Key points
- OPEC Secretary-General Haitham Al Ghais emphasizes the importance of cooperation and dialogue for stability in global oil markets.
- Al Ghais praises Algeria for its constant support to OPEC and its role in maintaining stability in the oil market.
- The Algiers Agreement, which laid the foundation for OPEC's Declaration of Cooperation, celebrates its 10th anniversary.
