2023-08-04 18:16:46
ALGIERS – The Minister of Energy and Mines, Mohamed Arkab, took part, on Friday, in the work of the 49th meeting of the OPEC and Non-OPEC Ministerial Monitoring Committee (JMMC)devoted to the assessment of compliance with the oil production limitation agreement by the signatory countries, for the months of May and June 2023, indicates a press release from the ministry.
The Ministers in charge of Oil within the Control Committee, examined during this meeting held by videoconference, the evolution of the world oil market and the prospects for its development in the short term, according to the same source.
At the end of the meeting, Mr. Arkab expressed his satisfaction with the monthly data presented, which indicates that “OPEC+ member countries have scrupulously respected the required level of production”.
He also affirmed that the countries which voluntarily decided on additional reductions last April “have also fully honored their commitments”, noting that the decisions taken by the OPEC+ member countries, jointly or individually, “have reversed the downward trend, reduced fluctuations and allowed the stability of the oil market to be restored”.
“We remain, however, cautiously optimistic and very vigilant as to the evolution of the oil market in the short term”, he added, specifying that “even if the world demand for oil remains at an acceptable level, growth economic situation remains uncertain in several regions, in particular due to the monetary tightening policies of the main central banks, the increase in interest rates and the rise in inflation”, explaining that for the offer “the oil market is sufficiently supplied to meet consumer demand.
Read also: Oil: Algeria will reduce its production by an additional 20,000 bpd during the month of August
“As we announced at the beginning of July, Algeria reaffirms its decision to continue the additional voluntary reduction in its production, by 20,000 barrels/d to reach 940,000 barrels/d in August 2023”, he noted, adding that “this reduction is in addition to those decided by the Kingdom of Saudi Arabia and Russia for the same period with a view to maintaining the stability of the oil market”.
Mr. Arkab indicated that the OPEC and non-OPEC Ministerial Monitoring Committee (JMMC) “has decided to meet on October 4 to examine the respect of the production reduction commitments of the OPEC + countries and to assess the situation of the world oil market. “.
The JMMC has been meeting periodically since January 2017 with the objective of ensuring the implementation of voluntary production adjustments by OPEC+ countries, signatories of the Declaration of Cooperation.
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