Algeria warned of the consequences of unilateral measures and legislation aimed at misleading the mechanisms of the oil market, and stressed that the recent developments in the global oil market in the short and medium term are of great interest.
In a statement issued today, Wednesday, by the Minister of Energy and Mines, Mohamed Arkab, regarding the recent developments in the global oil market, he stressed that these developments, in the short and medium term, are of great interest, noting that the countries of the Declaration of Cooperation showed exceptional wisdom and foresight by taking the decision to reduce Its total production by 2 million barrels per day, unanimously and in full transparency, until the end of 2023, in order to ensure the stability and balance of the global oil market for the benefit of the global economy.
And Muhammad Arkab stressed that the efforts made by the countries of the Declaration of Cooperation for more than 6 years could collapse unfairly, if they adopted unilateral measures and legislation aimed at misleading market mechanisms, which would lead to a lack of investments in the oil industry, as well as create major disturbances in oil flows. supplies and create conditions for permanent instability in the oil market.
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