The Secretary General of OPEC, Haitham Al Ghais, is conducting a working visit to Algeria from September 26 to 29. This journey comes on the occasion of the tenth anniversary of the Algiers Accord, concluded in 2016 and considered an important step in strengthening cooperation between oil-producing nations.
At the invitation of the Minister of State, Minister of Hydrocarbons, Mohamed Arkab, the Secretary General of OPEC arrived Saturday in Algiers for a four-day working visit. This visit comes in a particular context, marked by severe tensions on the oil market due to the prevailing situation in the Middle East. Tensions that weigh heavily on energy markets and affect supply stability.
The celebration of the tenth anniversary of the Algiers Accord, concluded on September 28, 2016, looks back at what has been accomplished in ten years. This accord marked an important step in strengthening dialogue and cooperation between OPEC member and non-member nations. It also laid the groundwork for the “Declaration of Cooperation” (DoC), adopted in December 2016, a few weeks after the Algiers Accord, and known since under the designation “OPEC+”.
The commemoration of this accord provides an opportunity to review the role played by Algeria in the emergence of this cooperative framework among major oil producers. The Algiers Accord notably helped establish a lasting dialogue among producers, aiming to support the stability of the global oil market.
Concluded at the end of the 170th Extraordinary Meeting of the OPEC Conference, the Algiers Accord was adopted during a severe oil crisis, as prices had dropped by over two-thirds of their value since 2014. The agreement committed OPEC member countries to cap their collective output between 32.5 million barrels per day (mb/d) and 33 mb/d to help stabilize the market.
Furthermore, during his visit to Algeria, Haitham Al Ghais is expected to confer with several high-ranking state officials, particularly Mohamed Arkab. Discussions will focus on developments in the hydrocarbons domain, global oil market outlooks, and various matters of mutual concern, according to a ministry statement.
This visit occurs as a continuation of relations between Algeria and OPEC, reflecting the importance attributed by both parties to dialogue and cooperation in the petroleum domain, as well as international market stability. The visit of the OPEC Secretary General also takes place amid an international context marked by intense geopolitical friction in the Middle East, particularly linked to the conflict against Iran. A scenario that has impacted several oil and gas facilities across the region, sparking fears of fresh disruptions in output and energy delivery.
This state of affairs burdens global markets and heightens uncertainty regarding supply and demand dynamics, alongside the disruption of hydrocarbon flows. In this regard, oil market stability and coordination among major producing nations take on special significance, which is why issues related to supply security, price trajectories, and global market stability hold a central position in discussions surrounding the energy domain’s future.