APS : Thursday, 21 June 2018
ALGIERS- Minister of Energy Mustapha Guitouni underlined Thursday, in Vienna, the need to give an “urgent attention” to oil investments without which the market balance might be one of the most precarious.”
During his speech at the 7th International OPEC Summit, whose works are held since Wednesday in Vienna, Guitouni also warned against “a supply shock in the medium term” that must be avoided to save the interests of producing and consumer countries, said the Ministry of Energy in a communiqué.
Participating as a “keynote speaker” in a panel devoted to the issue of investments in oil industry, the minister also emphasized the importance of investment for producing countries and oil companies, and also the consumers whose supplies depend on investments.
In this regard, Guitouni broached the damages of the volatility of oil prices in relation to the imbalance in oil markets and worsened by the drop in investment levels in the world.
“History teaches us that at each period characterized by low oil prices, investments dry up. Consequently, a period of high oil prices and supply stresses inevitably follow it. This volatility is harmful for both producing and consumer countries,” he said
“It is with this lesson that in September 2016, at the behest of President of the Republic Abdelaziz Bouteflika, Algeria worked for the conclusion of an agreement, namely Algiers Agreement, to stabilize oil market and create the favorable conditions for the resumption of oil investments,” he said.
