“OPEC +” .. the agreement to reduce production by 2 million barrels per day for the months of December and January – Al-Hiwar Al-Jazaeryia

The Minister of Energy and Mines, Mohamed Arkab, participated today, Sunday, via videoconference technology, in the work of the forty-sixth meeting of the Joint Ministerial Monitoring Committee (GMMC) and the thirty-fourth ministerial meeting of OPEC – non-OPEC.

A meeting of the Joint Ministerial Monitoring Committee (GMMC) was devoted to studying the conditions of the international oil market and prospects for its development in the short term, as well as the commitment to the production levels of the countries participating in the Declaration of Cooperation for the month of October 2022.

The minister also participated in the 34th ministerial meeting of OPEC and non-OPEC countries, which includes 23 countries (13 OPEC countries and 10 non-OPEC members) that signed the declaration of cooperation.

At the conclusion of these meetings, the Minister of Energy and Mines stated that “we held important meetings by videoconference, at the level of OPEC and OPEC +. These meetings allowed us to exchange constructive views on the current situation of the global oil market and the prospects for its development during the coming weeks and months. We met yesterday to hold the 185th meeting of the OPEC Conference, where we discussed issues related to the management and work of the General Secretariat, as well as aspects related to means of ensuring the stability of the global oil market in the short, medium and long term. .”

“It seemed to us that for several weeks, the accumulation of bearish factors had a negative impact on price volatility and the stability of the global oil market. Fears of a global economic recession, a slowing Chinese economy, high inflation and a strong dollar are weighing on the growth prospects for global oil demand as the market is adequately supplied,” the minister continued.

At the end of the discussions, “we decided to continue our joint efforts within OPEC + to ensure the stability and balance of the global oil market, according to the agreement we concluded on October 5 in Vienna, we remain very vigilant to changes in the fundamentals of the international oil market,” the minister added.