Algeria, Russia committed to continuing efforts to stabilize oil market

October 11th, 2017

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APS : TUESDAY 10 OCTOBER 2017

ALGIERS- Prime Minister Ahmed Ouyahia and his Russian counterpart Dmitry Medvedev underlined Tuesday, in Algiers, their commitment to continuing efforts to restabilize oil market,
notably the implementation of Vienna Agreement on reducing production.

“The Algerian and Russian positions are totally convergent on reducing the production in accordance with what has been agreed on in Vienna,” said Medvedev in a press conference on the sidelines of the signing of five agreements of cooperation between the two countries.

He added that his country “hopes to continue these efforts and continue discussing the issue with all the concerned countries.”

“It is of utmost importance to follow the implementation of this agreement by all the partners,” said Russian Prime Minister, hailing Algeria’s respect to the levels of productions fixed in the aforementioned agreement which, he added, “will help stabilizing the oil markets and prices at reasonable levels, to increase receipts and create new growth opportunities.”

Medvedev welcomed Algeria’s efforts in favour of a dialogue on the stability of oil markets, broaching the letter sent by President of the Republic Abdelaziz Bouteflika, in the beginning of 2015, to his Russian counterpart and several heads of State of oil-producing countries.

These efforts, he said, allowed launching the initiative in Vienna which culminated in the signing, in December 2016, of an agreement to reduce production by the Organization of the Petroleum Exporting Countries (OEPC) and eleven (11) non-OPEC producing countries.

Medvedev reaffirmed Russia’s determination to respect its commitments in this regard.

For his part, Ouyahia affirmed that the “dialogue continues on the agreement of Vienna to guarantee its implementation,” welcoming the meeting which brought recently together Russian President Vladimir Poutine and Saudi sovereign King Salman bin Abdulaziz Al Saud, concerning notably the aspect relating to hydrocarbons which constitutes a “vital sector” for Algeria.”

Prime Minister hoped that the implementation of the agreement will continue to increase oil prices.

He hailed Russia’s contribution to the mobilisation of signatory parties, particularly the non-OPEC producing countries to reach the agreement of Vienna, affirming that the “vital interests of the two countries are similar in hydrocarbons as they are the foundation of the Algerian economy and have their weight in the Russian economy.”