RABAT, December 14. /TASS/. Members of the Organization of Arab Petroleum Exporting Countries (OAPEC) comply with all obligations related to production cuts to restore oil market stability, Minister of Energy of Algeria, President of the OPEC conference Abdelmadjid Attar said at the 105th meeting of OAPEC held in a videoconference format.
Attar, who chaired the meeting, noted the efforts made by OAPEC under the OPEC+ agreement by complying with all production cut commitments to restore oil market stability and minimize oversupply.
According to him, the volatility in global markets and uncertainty about future oil demand in the short and medium term require oil exporting countries, especially Arab countries, to work together to better coordinate their energy policies, as well as exchange experience and information in order to adapt to changes in the oil market.
The minister noted that it is imperative to work on creating development strategies that meet the interests of the OAPEC countries. The organization, he said, has proposed a recovery and development plan for its operations that can improve its performance and make it more efficient.
Coordination between Arab oil exporting countries will further increase the opportunities for cooperation between them in various aspects of the oil and gas industry, and thus will allow achieving the expected results and goals, Attar concluded.
OPEC+ countries at an emergency video conference on April 12 were able to conclude an agreement to reduce oil production. It included a cumulative decline in oil production in May - July 2020 by 9.7 mln barrels per day from the level of production in October 2018, in August - December - by 7.7 mln barrels per day.
On December 3, OPEC+ decided to increase oil production in January 2021 by 0.5 mln barrels per day, which means a cumulative decrease of 7.2 mln barrels from the level of October 2018. An agreement was also reached to hold meetings on a monthly basis.