APS : Sunday, 11 December 2016
VIENNA- Minister of Energy Noureddine Boutarfa underlined Saturday, in Vienna, Algeria’s role in the process launched within the OPEC (Organization of Petroleum Exporting Countries) and joined by non-member producers as part of a historic agreement to restore the balance in the oil market.
The agreement obtained with the eleven non-OPEC countries to reduce the offer by 558,000 barrels/day “shows the extraordinary efforts of the Algerian diplomacy which is recognized by all the officials. The ministers recognized the role of Algeria and the willingness of President of the Republic Abdelaziz Bouteflika to support this agreement,” said the minister.
According to Boutarfa, with the meeting of this Saturday, it is a long process which has just completed its first phase, as the second phase will be the responsibility of each country to honour its commitments.
At the end of the meeting, 11 countries committed to reducing their production by about 558,000 barrels/day as from 1st January 2017. The concerned countries are: Azerbaijan, Brunei, Bahrain, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan and South Sudan.
The minister underlined the role of Algeria in the launch of the process aimed at checking the drop in oil prices with the initiative of President of the Republic Abdelaziz Bouteflika who dispatched emissaries of OPEC’s member and non-member producing countries to take joint action.