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OPEC Conference: Algeria advocates immediate reduction in oil production

Published on : Sunday, 05 April 2020 20:49   Read : 567 time(s)
OPEC Conference: Algeria advocates immediate reduction in oil production

ALGIERS-Algeria, which chairs the presidency of the OPEC Conference, urged Sunday oil producing countries to seize the opportunity of the meeting scheduled on 9 April in order to agree on “an global, massive and immediate” production cut.

“Algeria calls upon all oil producing countries to seize the opportunity of the meeting scheduled to be held on April 9, to work cooperatively towards reaching an agreement for a global, massive and immediate reduction in oil production,” said Energy Minister Mohamed Arkab quoted in a communiqué released by the Ministry of Energy.

“Algeria, which chairs the OPEC Conference, will spare no effort, as in the past, to find consensual solutions and contribute to any effort that aims to stabilize the oil market, for the benefit of producing and consuming countries,” said the minister.  

According to Arkab, “the oil market is facing an unprecedented decline of demand due to the impact of the COVID-19 pandemic on world economic activity and to the containment measures taken by many countries. It is also facing a large increase in world oil supply, due to the decision by some countries to produce at maximum capacity. This double shock led to a drastic drop in oil prices. This will be further accentuated in a few weeks, when global oil storage capacity will reach saturation, resulting in a lasting dislocation of the oil industry.”

 “Aware of this situation and its associated risks, as well as of its consequences on oil-producing country people, at a time when they are fighting against the COVID-19 pandemic, Algeria calls upon all oil producing countries to seize the opportunity of the meeting scheduled to be held on April 9, to work cooperatively towards reaching an agreement for a global, massive and immediate reduction in oil production,” stressed the minister. 

Last modified on Tuesday, 07 April 2020 14:01
OPEC Conference: Algeria advocates immediate reduction in oil production