The Minister of State, Minister of Hydrocarbons and Mines, Mohamed Arkab, participated today, Sunday, via videoconference technology, in the coordination meeting of the group of eight countries that signed the Declaration of Cooperation within the OPEC+ alliance, which is implementing voluntary adjustments to production levels.
The group included Algeria, Saudi Arabia, the United Arab Emirates, Iraq, Kazakhstan, Kuwait, Oman, and Russia.
According to a statement by the ministry, the ministers decided to begin during the month of April a collective increase in production estimated at 206 thousand barrels per day, with Algeria’s share increasing by 6 thousand barrels per day during the same period.
The meeting comes within the framework of periodically monitoring developments in the global oil market, and enhancing coordination between the countries concerned to ensure market stability and balance. The ministers discussed the short-term prospects for the market in an economic environment characterized by some uncertainty, despite the emergence of signs of gradual improvement.
Participants indicated that the currently recorded moderation in demand, linked to seasonal factors, is expected to gradually decline, which may pave the way for a recovery in consumption in the coming months.
At the conclusion of the meeting, the ministers renewed their commitment to continue consultation and work in a coordinated and proactive manner to maintain the stability of the global oil market.
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