Algerian Energy Minister Arkab Participates in 53rd OPEC+ Joint Ministerial Monitoring Committee Meeting
BY: Dr. Hana Saada
ALGIERS- Minister of Energy Mohamed Arkab actively engaged in discussions during the 53rd meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) held via video conference on Wednesday. The meeting, attended by key figures including the CEO of Sonatrach and the president of the National Agency for the Valorization of Hydrocarbon Resources (ALNAFT), focused on assessing the current state of the global oil market and short-term prospects. A statement from the ministry highlighted the evaluation of member countries’ adherence to production limitations for January and February 2024.
Addressing the gathering, Minister Arkab underscored the significance of closely monitoring global market dynamics: “The short-term global economic outlook remains uncertain as perspectives vary considerably from one region to another, with significant disparities in growth trajectories. This uncertainty could disrupt the growth of global oil demand, even as the market is adequately supplied,” he remarked.
Minister Arkab commended the adherence of OPEC+ members to production limitation measures: “By collectively and individually adjusting our production levels, we have gradually restored conditions for a more stable oil market less prone to volatility,” he assured.
Reaffirming Algeria’s commitment to market stability, Minister Arkab stated, “Algeria remains committed to maintaining a voluntary and additional production reduction until June 2024.”
The meeting provided a platform for productive discussions among member countries, aiming to ensure market stability and sustainable oil prices in the face of evolving global economic conditions. The participation of Algeria’s Energy Minister reflects the nation’s proactive role within the OPEC+ framework and its commitment to collaborative efforts aimed at maintaining equilibrium in the global energy market.
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