Algeria’s Energy Minister Arkab to Participate in 55th OPEC+ JMMC Meeting on Thursday

✏️ BY: Dr. Hana Saada

Algiers, Algeria | July 31st, 2024 — Minister of Energy and Mines, Mohamed Arkab, is set to join the 55th meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) on Thursday via videoconference, according to a statement released by the ministry. During the meeting, the ministers will assess compliance with the agreed production cuts for May and June 2024 and discuss the current state and short-term outlook of the global oil market.

The JMMC, comprising representatives from seven OPEC member countries—Algeria, Saudi Arabia, the United Arab Emirates, Iraq, Kuwait, Nigeria, and Venezuela—and two non-OPEC members, Russia and Kazakhstan, will deliberate on these crucial issues. The committee’s role is to monitor the adherence to production agreements and to address any adjustments needed to stabilize the market.

Yesterday’s oil prices saw an uptick in response to a decrease in U.S. reserves and escalating geopolitical tensions. As of 11:00 GMT, the Brent crude oil price for September delivery rose by 2.51% to $80.60 per barrel, while West Texas Intermediate (WTI) for the same month increased by 2.97%, reaching $76.95 per barrel. This rebound follows a recent decline attributed to pessimistic growth forecasts in China. Analysts like Ipek Ozkardeskaya from Swissquote Bank attribute the price increase to the significant reduction in U.S. oil reserves last week and rising geopolitical risks. John Evans of PVM Energy adds that these factors elevate the risk of conflict escalation, further influencing market volatility.

The American Petroleum Institute (API) reported a notable drop in crude oil reserves by approximately 4.5 million barrels and a decrease of 1.92 million barrels in gasoline inventories for the previous week, which has also contributed to the current price surge.

 

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