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OPEC+: Attar insists on honoring commitments for market rebalance

Published on : Tuesday, 20 October 2020 08:35   Read : 2 time(s)
OPEC+: Attar insists on honoring commitments for market rebalance

ALGIERS- Minister of Energy Abdelmadjid Attar insisted Monday on the importance, for the signatory countries of the OPEC and non-OPEC Declaration of Cooperation, to honor the commitments to reducing the production in order to rebalance the oil market.

“We must continue this long trip to rebalance oil market, honor our commitments and remain agile to adapt to the development of the global energy markets,” said Attar, also chairman of the OPEC Conference at the opening of the 23rd meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC), held by video conference.

In this respect, he invited the Declaration’s members to “continue focusing on their obligations and take all the necessary measures to keep their promises through compensation mechanism.”

While broaching the oil market development, Attar pointed out that the increase in the number of new Covid-19 cases, with all the restriction measures to curb the spread of the pandemic and their potential negative effects on the national economy, constitute factors of “concern” for the market.

OPEC Conference’ chairman broached the data published as part of the OPEC 2020 annual report, underlining that despite the sharp drop in 2020, the demand for primary energy will continue to increase in the medium and long terms, up by 25% until 2045.

“In order to meet this increase in demand for energy and oil, investment is essential,” said Attar, reiterating Algeria’s commitment to supporting OPEC+ efforts.

 

Last modified on Tuesday, 20 October 2020 09:47
OPEC+: Attar insists on honoring commitments for market rebalance

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