The Sector Vice-president for the Economic Area and People’s Power Minister for Petroleum, Tareck El Aissami, stressed this Thursday that OPEC+ must maintain constant monitoring of the oil market and make gradual adjustments to production, in order to take timely actions and guarantee stability of the world oil market.
During his participation in the 14th OPEC+ Ministerial Meeting, held via videoconference, from Vienna, Austria, he pointed out that gradual adjustments in oil production must be sustained and that OPEC+ members must remain vigilant:
“as We have been doing it month by month, by monitoring from the virtuous mechanism of the OPEC+ Declaration of Cooperation, all with the firm purpose of taking timely actions to ensure greater and more lasting stability of the international oil market and balance of the Global economy.”
Additionally, El Aissami welcomed the new Minister of Energy and Mines of Algeria, Mohamed Arkab, and welcomed the ratification of the Minister of Petroleum and Minister of Electricity and Water of Kuwait, Mohammed Abdulatif Al-fares.
The 14th OPEC+ Ministerial Meeting was chaired by OPEC Secretary General Mohammad Barkindo, together with the President of RMONO-OPEC+, Prince Abdul Aziz Bin Salmán Al Saud, Minister of Energy, Industries and Mineral Resources of Saudi Arabia.
In this meeting, held from Vienna, Austria, the Heads of delegation for the OPEC countries participated: Angola, Saudi Arabia, Algeria, United Arab Emirates, Gabon, Equatorial Guinea, Iraq, Iran, Kuwait, Libya, Nigeria and Venezuela.
For the NON-OPEC countries, the Heads of delegation from Azerbaijan, Bahrain, Brunei Darussalan, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan and South Sudan, were present.