OPEC+: Algeria’s Arkab Reaffirms Full Compliance with Required Output Levels

BY: Dr. Hana Saada

Algiers, Algeria | October 2nd, 2024 — Algeria’s Minister of Energy and Mines, Mohamed Arkab, reiterated the unwavering commitment of OPEC+ member states to adhering fully to the required production levels during the 56th Joint Ministerial Monitoring Committee (JMMC) meeting, which took place virtually on Wednesday. The session focused on assessing compliance with production cuts for July and August 2024, while also addressing broader developments in the international oil market.

During the meeting, the performance of member states was closely evaluated, particularly in terms of meeting their production reduction targets. Arkab expressed satisfaction that the majority of OPEC+ members had successfully complied with the agreed-upon quotas, reinforcing the group’s collective commitment to stabilizing the market amid ongoing global uncertainties.

Arkab stressed the need for continuous vigilance, urging all signatories of the Declaration of Cooperation to maintain efforts in addressing any production surpluses from previous months. His remarks came in the context of a volatile market environment, shaped by global economic concerns, a slowdown in demand for petroleum products, and persistently high stock levels, despite an overall well-supplied market.

Highlighting the excessive fluctuations that have characterized the oil market since the start of the summer, Arkab noted that these shifts are primarily driven by uncertainties in the global economy. In response, he reaffirmed that JMMC members had agreed to maintain close coordination, regularly exchange insights, and closely monitor developments that could affect the market’s core dynamics in the coming weeks.

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