Algeria’s Minister of Energy, Mines, and Renewable Energies, Mohamed Arkab, is participating in two pivotal OPEC+ meetings today, focusing on measures to ensure stability in the global oil market.
Minister Arkab is attending the 57th Joint Ministerial Monitoring Committee (JMMC) meeting, conducted via videoconference.
This gathering brings together energy ministers from nine member countries, including Algeria, Saudi Arabia, the United Arab Emirates, Iraq, Kazakhstan, Kuwait, Nigeria, Russia, and Venezuela.
The primary agenda is to evaluate the level of compliance with production cut agreements for September and October 2024, as part of broader OPEC+ efforts to balance supply and demand in the global oil market.
Later in the day, Minister Arkab will also participate in the 38th OPEC and non-OPEC Ministerial Meeting, which will involve representatives from 22 signatory nations to the Declaration of Cooperation.
The discussions aim to analyze recent market developments and outline strategies for short-term growth and stability.
The OPEC+ coalition, which includes both member states of the Organization of the Petroleum Exporting Countries (OPEC) and allied non-member nations, has been actively working to mitigate market volatility.
These meetings play a crucial role in shaping coordinated responses to global energy challenges and ensuring the sustainable development of the oil sector.
The outcomes of these discussions are expected to influence the next phase of OPEC+ strategies, particularly in the face of fluctuating demand and geopolitical uncertainties affecting the energy market worldwide.
