THIS MONTH’S OPEC MEETING IN ALGIERS IMPORTANT FOR MAINTAINING MARKET STABILITY

ALGIERS, The meeting of the Joint Ministerial Monitoring Committee of the Organization of the Petroleum Exporting Countries (OPEC) to be held in Algiers on Sept 22 and 23 is an important meeting which will also oil-producing countries to knowing the global oil market situation and to work to maintain its stability, says Algerian Energy Minister Mustapha Guitouni.

The meeting is an ordinary meeting of the OPEC oil ministers to examine the functioning of the oil market and identify the results of the work of the various commissions and sub-commissions in charge of this issue, Guitouni told the media here Monday on the sidelines of the opening of the 2018-2019 session of the Council of the Nation, the upper chamber of Parliament.

This meeting will not focus on the price curves and their evolutions, but rather on the situation of the market and ways to maintain the stability between the supply and the demand, said the minister.

We have currently recorded equilibrium between the supply and the demand. I think that the viewpoints will be very close and that this meeting will culminate in unified decisions, he added.

Underlining that the meeting will mark the second anniversary of the historic initiative and decision taken by President Abdelaziz Bouteflika in September 2016 in Algiers, the minister said that the series of meetings which followed that decision allowed OPEC and other oil producers to achieve price stability and gave OPEC the opportunity to have “a unified, joint and close vision”.

The minister added that a tribute would be paid to President of the Republic Abdelaziz Bouteflika at the meeting in recognition of his efforts to maintain the stability of the international oil market.

Source: NAM NEWS NETWORK