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  • 17-10-22

    Algerian energy minister praises OPEC+ production reduction verdict

    (MENAFN) Algerian Energy Minister Mohamed Arkab has praised the verdict of the Organization of Petroleum Exporting Countries, and its allies, recognized as OPEC+, to reduce production by 2 million barrels a day.

    Labelling the action “historic,” Arkab pointed out that the verdict was taken to steady the international oil market, Ennahar TV mentioned in a report.

    In line with the report, both Arkab and OPEC Secretary-General Haitham Al-Ghais talked about their full confidence in the organization's verdict.

    Al-Ghais also mentioned that the oil market has been going via a stage of great fluctuation, and pointed out that OPEC and producers outside the organization are attempting to sustain market steadiness.

    “The relentless deterioration of the economy and higher prices sparked by an OPEC+ plan to cut supply are slowing world oil demand. With unrelenting inflationary pressures and interest rate hikes taking their toll, higher oil prices may prove the tipping point for a global economy already on the brink of recession,” mentioned in the IEA report.

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