Algerian Energy Minister Calls OPEC+ Decision to Cut Oil Production ‘Historic’
A journalist is seen on his knees in front of the logo of the Organization of the Petroleum Exporting Countries (OPEC) before a press conference after the OPEC meeting in Vienna, Austria, Wednesday, June 8, 2011
CAIRO (Sputnik) – Algerian Energy Minister Mohamed Arkab said on Sunday that the decision of the Organization of the Petroleum Exporting Countries and non-cartel producers (OPEC+) to decrease oil production was historic and designed to stabilize markets.”The latest OPEC decision is historic and excellent, and serves to stabilize the markets,” Arkab said, as quoted by Algerian newspaper en-Nahar.In turn, Al Ghais said that Algeria has played a strong and vital role in “coordinating opinions and concluding the main agreements of OPEC.”Earlier in the day, Arkab met with OPEC Secretary General Haitham Al Ghais.On October 5, the OPEC+ alliance unanimously agreed to cut oil production by two million barrels per day from November and will take production levels agreed for August as a reference point. The move was made in response to uncertainty in global oil market outlooks, in part caused by Western sanctions on Russian energy deliveries and the G7 plans to introduce a price cap on Russian crude. The decision was met with a backlash from the United States, which demanded an increase in production to combat rising domestic prices.On Thursday, the Saudi Foreign Ministry denied that the OPEC+ decision to cut oil production was politically motivated against some states.
