Al-Ghais stated that the objective of both OPEC and outside producers was to keep the market stable while he was in Algeria for a two-day visit.
The OPEC+ coalition, which includes the thirteen members of OPEC, as well as producers outside the organization, led by Russia, decided on October 5 to reduce production by two million barrels per day.
For his part, the Algerian Energy Minister, Mohamed Aqab, described OPEC’s recent decision to reduce production as “historical and excellent” and is in the category of market stability.
Both OPEC Secretary-General Haitham Al-Ghais and Energy Minister Mohamed Aqdab expressed complete confidence in the favourable effects of the organization’s decision.
The oil markets are undergoing significant swings, according to the OPEC Secretary-General.
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