APPA voices support to Algiers Accord to stabilize oil market
APS : Saturday, 01 April 2017
ALGIERS- The ordinary meeting of the ministerial council of the African Petroleum Producers Association (APPA), attended by Minister of Energy Noureddine Boutarfa, wrapped up Friday in Abidjan, Ivory Coast,
with a support to the process of oil market stabilization, the ministry of Energy said in a statement.
In addition to speeding APPA’s reforms, the Association’s ministerial council discussed the development of oil markets and expressed support to its stabilization, initiated by Algiers Accord concluded on 28 September 2016.
The Accord was confirmed by Vienna Agreement on 30 November 2016, then the declaration of cooperation between OPEC and non-OPEC countries signed on 10 December 2016.
APPA ministers recommended accelerating the diversification of economy in African countries.
They also called for promotion of “local skills” and good governance, in addition to the creation of an African market for crude oil and petroleum products.
In the ordinary meeting wrapped up Friday, the minister agreed on changing the name of the African Petroleum Producers Association (APPA) into the African Petroleum Producers Organization (APPO).
Created in 1987, APPO is made up of 18 African oil producing countries, namely Algeria, Angola, Benin, Cameroon, Congo, DR Congo, Ivory Coast, Egypt, Gabon, Ghana, Equatorial Guinea, Libya, Mauritania, Niger, Nigeria, South Africa, Sudan and Chad.
The intergovernmental organization, based in Brazzaville, has been created to promote joint initiatives in oil industry management policies and strategies.