The deal between OPEC and its oil-exporting allies from outside the organisation, known as “OPEC Plus,” which is intended to reduce production, is a “purely technical” response to the current state of the global economy, according to Algeria’s Minister of Energy and Mines, Mohamed Arqab.
According to Aqab’s press comments, the Vienna agreement of October 5 is a strictly technical response based on “pure economic considerations,” and it was unanimously agreed by the countries of the Declaration of Cooperation.
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The minister pointed to the concern of “OPEC” and “OPEC Plus” similar to everyone around the world regarding the exacerbation of the uncertainty regarding the global economy, and the decline in demand for oil, and then the decision to return to the level of production that was decided last May.
The Algerian Minister of Energy emphasised that “OPEC Plus” has not departed from its 2016 commitment to support the stability and equilibrium of the global oil market by deciding to reduce total production by two million barrels per day beginning on November 1.
Algerian Energy Minister: The decision by OPEC to cut production is solely a technical response to the current state of the global economy.
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