Mandoush: Oil prices are likely to rise, and Algeria will benefit from reducing the production ceiling – Al-Hiwar Al-Jazaeryia

Baghdad Mandoush, an expert in the field of oil, said today, Tuesday, that Algeria is benefiting from the decision of the countries of the OPEC Plus coalition, taken on June 4, to reduce the production ceiling by1.6 One million barrels per day, which will come into effect starting from the month of July.

Mandoush revealed, “This decision will contribute to an increase in the country’s revenues, according to the expectations of the International Energy Organization, which indicates the possibility of prices going back up, starting from the second semester of the current year.”

The guest of “Algerian Radio Multimedia” explained that Algeria’s strategy is based on working for price stability for a long time, because this serves the economic interests of member states and consuming countries alike.

The same expert noted that the global demand for oil has been witnessing a state of stagnation for two years due to the war in Ukraine, high inflation and the decline in the growth rate in the major industrial countries as well as the fast-growing countries, led by the Chinese economy.

Mandoush considered that the United States of America is no longer able to set prices because oil-producing countries, whether inside or outside OPEC, have realized the need for consensus in order to protect their national interests, at a time when the world is witnessing a severe crisis in securing food and the scarcity of sources of funding for development programs, especially in the Middle East. The Arab region and the African continent.