Algeria Reaffirms Commitment to OPEC+ Strategy Amid Market Volatility: Energy Minister Mohamed Arkab Stresses Vigilance and Coordination to Sustain Market Stability

BY: Dr. Hana Saada

Algiers, Algeria | February 3rd, 2025 — Mohamed Arkab, Algeria’s Minister of State, Minister of Energy, Mines, and Renewable Energies, participated via videoconference in the 58th Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) and its non-OPEC allies. The high-level meeting was attended by Mourad Beldjehem, President of the National Agency for the Valorization of Hydrocarbon Resources (ALNAFT), alongside senior officials from the ministry.

The meeting provided a platform for OPEC+ ministers to rigorously assess compliance with the agreed-upon production levels for November and December 2024, confirming full adherence by all participating nations. Ministers also engaged in in-depth discussions on the current dynamics of the global oil market and its short- and medium-term outlook.

At the conclusion of the meeting, Minister Arkab underscored the imperative of sustained vigilance and coordination in the face of evolving market conditions. “The ministers of the JMMC conducted thorough discussions on the state of the oil market and its anticipated trajectory in the coming weeks. It is evident that the prevailing circumstances demand a heightened level of alertness and collective discipline to ensure full compliance with our voluntary production adjustment commitments,” he stated.

The Algerian minister emphasized that recent OPEC+ measures have played a decisive role in stabilizing the global oil market, striking a delicate balance between the interests of producers and consumers alike. “Despite persistent uncertainties, market fundamentals remain robust. There are clear signs of economic recovery across several regions, and we anticipate a notable resurgence in oil demand by April, following the seasonal slowdown experienced during the first quarter of the year,” he added.

Minister Arkab reaffirmed Algeria’s unwavering commitment to the collective strategy of OPEC+, noting that the JMMC has resolved to maintain close consultations, uphold strong coordination, and closely monitor market developments over the coming weeks. He stressed that such cohesive action remains crucial to navigating the evolving energy landscape, ensuring that OPEC+ continues to safeguard stability and reinforce investor confidence in the oil sector.

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