179th OPEC Conference meeting opens under Algeria’s presidency

June 8th, 2020

APS : Saturday, 06 June 2020

ALGIERS- The 179th meeting of the Conference of the Organization of Petroleum Exporting Countries (OPEC) started Saturday under the chairmanship of Minister of Energy and current Chairman of OPEC Conference Mohamed Arkab.

This meeting, held by video conference, will be followed by the holding of the 11th OPEC and Non-OPEC ministerial meeting which will bring together the countries signatory to the Declaration of Cooperation.
The meetings will be devoted to the examination of the situation of the international oil market, its development prospects in the next few months as well as the implementation of the agreement of 12 April 2020 on the production reduction by the countries signatory to the Declaration of Cooperation.

In a statement to the press shortly before the meeting, Arkab affirmed that the two meetings take place at the right moment and will allow to discuss the implementation rate of the reduction agreement of last April and to examine a proposal of consolidation this agreement so as to reach oil market balance.
Welcoming the resumption of the oil market, which constitutes mainly, according to him, the fruit of this agreement concluded between OPEC and Non-OPEC countries, the minister underlined that the oil exporting countries and their allies will make further efforts to strengthen the cooperation agreement, concluded on April 12th, on the reduction to 9.7 million barrels a day during the months of May and June 2020.
“We will frankly discuss with the non-OPEC countries the rate of the implementation and the difficulties recorded in May and see how to further boost this agreement to have a positive effect on the oil market, said the minister, assuring that the market situation has improved with a USD40-barrel.
“But we want to strengthen this agreement to reach a balance in the market that we haven’t achieved yet”, he noted.
Stressing the need to reach market balance so as to meet the expectations of the producers and consumers, Arkab said he is “very optimistic” about the results of the two meetings.
“We are working in a perfect harmony on major issues,” he underlined, affirming that “Algeria will always play a major role in this consensus.”