During these meetings, the ministers in charge of oil and representatives of the signatory countries of the Declaration of Cooperation, OPEC+, "exchanged points of view on the current situation of the international oil market and its prospects for development in the short term" , explains the same source.
The global economic situation remains "uncertain" as to its evolution in the short term, due in particular to "stagnant growth in industrialized countries and moderate economic growth in many emerging countries", the press release said.
While global oil demand shows signs of slowing due to uncertainties over economic growth in several regions, "the oil market remains largely well supplied", it was added.
At the end of the discussions, "it became clear that the decisions taken, collectively and individually, to adjust the production of OPEC+ countries in recent years have been beneficial, demonstrating their effectiveness in achieving balance and stability of the market", affirms the ministry.
Furthermore, Mr. Arkab also participated in a coordination meeting, held in Riyadh, bringing together OPEC+ countries voluntarily making additional cuts in their production.
At the end of the discussions, the ministers in charge of oil from Algeria, Saudi Arabia, the United Arab Emirates, Iraq, Kazakhstan, Kuwait, Oman and Russia decided to continue voluntary production reductions until the end of 2025, announces the ministry.
On the sidelines of the OPEC+ meetings, Mr. Arkab met with the Saudi Minister of Energy, Prince Abdulaziz Bin Salman, to discuss "ways to strengthen bilateral relations between the two countries in the sector of energy, particularly in terms of the exchange of experiences and the promotion of investments", it was explained.
Arkab also held discussions on issues of common interest with several ministers present in Riaydh, including the Russian and Iraqi deputy prime ministers, as well as the oil ministers of Kazakhstan and Kuwait.