Arkab, also chairman of OPEC Conference, reaffirmed that “the overriding objective is to achieve a compliance level above 100% for all countries” vis-à-vis this historic agreement which came into force on 1 May 2020.
In this respect, he added that “oil market conditions and prospects are of concern to all producers and require full compliance with the production reduction agreement.”
Remaining optimistic, minister of Energy said that “the most difficult is behind us” and that “the market situation will improve quickly thanks to the resumption of the economic growth and the actions of OPEC+ countries.”
Arkab congratulated the producer countries, notably Saudi Arabia, Kuwait and United Arab Emirates, which announced additional voluntary production reductions, in addition to their commitments under the April 12th Agreement.
He considered that “these voluntary reductions will have a positive impact and will accelerate the march towards the stabilization of oil market, stressing that OPEC continues to monitor oil market developments and that contacts, at all levels, continue.
“The Organization is ready to take all measures that may be required in a cooperative and consensual manner with its partners in the Declaration of Cooperation,” he pointed out.