“The historic Algiers Agreement, which was signed by OPEC members 7 years ago, laid the necessary foundations for efforts to maintain the stability of the oil market.” This was confirmed by the organization’s Secretary-General, Haitham Al-Ghais, on Thursday.
This came in a speech by Al-Ghais, conveyed by a statement on the OPEC website, on the occasion of the 7th anniversary of the signing of the Algiers Agreement. Which paved the way for the beginning of coordination between oil producers inside and outside the organization, in what later became known as the “OPEC+” group.
Al-Ghais said, “The Algiers Agreement laid the necessary foundations for these tremendous efforts.” In order to support the stability of the global oil market, for the benefit of all producers and consumers.”
OPEC members met on September 28, 2016 in Algeria, in order to discuss developments in the global oil market and search for ways to address the major imbalances in the market during that stage.
The Algeria meeting decided to form a high-level committee to establish a framework for consultations between producing countries from inside and outside the organization.
Al-Ghais’ statement continued , “Those decisions finally led to the announcement of historic cooperation between OPEC and producing countries outside the organization, on December 10, 2016 in Vienna.”
For its part, the Algerian Ministry of Energy stated in a statement that “holding that historic meeting was the culmination of the tireless efforts made by Algeria over the 18 months that preceded the decision.”
Algeria sought to “bring together OPEC members and major oil producers who are not members of the organization, to work collectively, in a coordinated and unified manner, in order to restore stability and balance in the oil market.”
“The historic Algiers Agreement, signed on September 28, 2016, represents a foundational step in consolidating relations between OPEC member states and non-OPEC oil producers,” the statement adds .