ALGIERS- OPEC+ countries are “on the right track” to sustain oil prices, even if uncertainties related to a new wave of the global Covid-19 pandemic persist, Energy Minister Abdelmadjid Attar said Wednesday in Algiers.
Speaking at a press conference via videoconference on the sidelines of the 20th meeting of the Joint Ministerial Monitoring Committee (JMMC), Attar said that OPEC+ member countries are “on the right track, even if there are still uncertainties related to a possible second wave of the global pandemic.
“We in Algeria are optimistic, we are 103% compliant with the Compliance Agreement and we continue to stand in solidarity with the other OPEC+ member countries,” he said.
Welcoming the “excellent production compliance rate” of OPEC+ countries at 107%, the minister said that this rate has enabled markets to stabilize above $40/barrel.
“This is a good news. This compliance rate will certainly improve during the third quarter, thanks to the member countries that were unable to reach this rate of compliance during the month of June,” he added.
The work of the 20th meeting of the Joint Ministerial Monitoring Committee (JMMC) is devoted to the examination of the situation of the international oil market and its short and medium-term development prospects.