OPEC-Non OPEC “historic decision” in 2016 allows relaunching investments

July 13th, 2018

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APS : Thursday, 12 July 2018

ALGIERS– The “historic decision” of the members of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries during their
meeting in Algiers in September 2016 has allowed relaunching investments and increasing oil prices in 2017, said Thursday in Algiers Energy Minister Mustapha Guitouni.
Guitouni recalled that the world has witnessed, since late 2014 and throughout 2015 and 2016 a period of economic slowdown resulting in the decline in demand and sharp fall in oil prices.
“The historic decision, made on 28 September 2016 in Algeria by OPEC and non-OPEC countries, resulted in price increase and relaunch of investments,” he said.
In this regard, the minister said that oil export revenues hit US$33.2 billion in 2017, up by 19.1% compared with 2016.
“All indicators show that the sector of Energy is doing well and achievements have been made,” he added.
In this respect, Guitouni recalled the achievements made over the past years in the field of hydrocarbons, citing the launch of exploitation activity in the gas fields south of In-Salah, as well as the inauguration of the gas complex in north of Reggane (Adrar, 1543-km south of Algiers) in December 2017, the natural gas processing plant in Timmimoune in March 2018 and the 530-km gas pipeline from In-Salah to supply the region of Tamanrasset with natural gas.