Algeria called the decision of OPEC + to reduce oil production historical

CAIRO, 16 Oct – PRIME. Algerian Energy Minister Muhammad Arkab called the OPEC + decision to cut oil production historic and designed to stabilize markets, according to the Algerian information portal en-Nahar.

According to the information resource, the minister made a statement during a meeting with OPEC Secretary General Haytham al-Geis.

“The latest OPEC decision is historic and excellent, it serves to stabilize the markets,” en-Nahar quoted the minister as saying.

The secretary general of the oil cartel called “the strong and vital role of Algeria, which he plays in coordinating opinions and concluding the main agreements of OPEC.” “Arkab and al-Geis also expressed their full confidence in the positive impact of the agreement of October 5, 2022 in Vienna,” the portal reports.

Last week, the countries participating in the OPEC+ deal, led by Saudi Arabia and Russia, decided to reduce oil production by 2 million barrels per day from November, extending the deal until the end of 2023, which angered the US administration, which demanded an increase in oil production.

The Saudi Foreign Ministry issued a statement that the OPEC + decision was dictated solely by economic considerations, it was accepted by all countries participating in the deal, the agency rejected US accusations of supporting Russia with such a decision in a situation where Western countries seek to reduce dependence on Russian energy resources.