measures to maintain the balance of the global oil market Algerian Minister of Energy and Mines, Mohamed Arkab, confirmed that his country stands ready with all its partners in the Organization of Petroleum Exporting Countries and its allies (OPEC +) to take the necessary measures to maintain the stability and balance of the global oil market, noting that the “OPEC +” countries will meet on the fifth of September. Next to assess the recent developments in the global oil market and its outlook. In his press statements today, Arkab said that this next meeting will raise the issue of defining a common approach for the coming months that will make it possible to strengthen the efforts made by "OPEC and its partners" to ensure the stability of the global oil market. He added that this important meeting, which will take place in a few days, coincides with the sixth anniversary of the Algiers Agreement, which forms the basis for the declaration of cooperation between OPEC and its non-OPEC partners, adding that since then, Algeria has been distinguished by its strict respect for its monthly production and participation obligations. Active and constructive in the decisions taken within the framework of the Declaration of Cooperation signed between the countries of the organization. On the other hand, the Algerian Minister of Energy and Mines expressed his dismay at the price volatility, which was observed several weeks ago, which does not reflect a major change or turmoil in the fundamentals of the oil market but is based on an excessive expectation of concerns related to slowing economic growth and global demand for oil in financial markets.

The Middle East News Agency