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OPEC countries decide to cut oil production until 2025
Gathered in Riyadh
While the short curve (already unsatisfactory) of the price of a barrel of oil on the world market continues to decline, the producing countries of OPEC, OPEC+, worried about the coming months, decided yesterday Sunday during a videoconference meeting in Riyadh, to maintain and continue the strategy of voluntary additional reductions in their oil production. The oil exporting countries of Algeria, Saudi Arabia, the United Arab Emirates, Iraq, Kazakhstan, Kuwait, Oman and Russia, meeting yesterday in Riyadh in Saudi Arabia by videoconference, decided to continue the strategy of additional voluntary reductions in their oil production until the end of 2025, due to the current “worrying” situation hovering over the global oil market, this was announced, the day before yesterday, Sunday, in a press release from the Ministry of Energy and Mines. Participating via videoconferencing in the work of the 188th meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC), the 54th meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 37th meeting OPEC and non-OPEC ministerial meeting (OPEC+), which took place in the Saudi capital, Riyadh, the Minister of Energy and Mines, Mohamed Arkab declared, the day before yesterday Sunday, that “the oil market and despite a stagnant growth remains largely well supplied despite the multiple obstacles,” according to the Algerian minister.
Indeed, in a press release made public the day before yesterday Sunday by the Ministry of Energy and Mines, the latter announced the participation by the videoconference technique of the Algerian Minister, Mohamed Arkab, who declared at the end of his conversations with his OPEC, OPEC+ and JMMC counterparts, that “it has become clear that the decisions taken, collectively and individually, to adjust the production of OPEC+ countries in recent years have been beneficial, demonstrating their effectiveness in achieving market balance and stability,” judged the ministry. A little pessimistic about the fallout from the situation currently hanging over the world oil market, particularly and especially for the coming months, where the expectation of seeing and witnessing a drop in oil prices, the representatives of the oil producing countries discussed, together, the global economic situation which, according to the members of OPEC, OPEC+ and JMMC, remains “uncertain” as to its evolution in the short term. The cause of this expected decrease in oil prices is based on one reason: “stagnant growth in industrialized countries and moderate economic growth in many emerging countries”, judged the representatives of the gold-producing countries. black, reported yesterday the press release from the Ministry of Energy and Mines.
While global oil demand shows signs of slowing due to uncertainties over economic growth in several regions, “the oil market remains largely well supplied,” reassured members of OPEC, OPEC+ and JMMC. For his part, the Minister of Energy and Mines, Mohamed Arkab recalled, in front of his counterparts, the effectiveness of the beneficial strategy followed by the oil producing countries over the last four years, “at the end From the discussions, it became clear that the decisions taken, collectively and individually, to adjust the production of OPEC+ countries in recent years have been beneficial, demonstrating their effectiveness in achieving market balance and stability. the ministry observed.
On the sidelines of this meeting, Mohamed Arkab shared several interviews, via videoconference technique, with ministers from OPEC countries, in particular his counterpart from Saudi Arabia.
Sofiane Abi