OPEC+ decision stabilizes oil prices – Algeria’s Energy Minister

By Trend

The decision taken by OPEC+ countries in early October to slash oil production would help to stabilize the price at the level of $100 a barrel by the year-end, Algeria’s Minister of Energy and Mines Mohamed Arkab said, Trend reports citing TASS.

"Despite the decline in oil prices and global recession concerns, the latest decision of OPEC+ countries to reduce production by 2 mln barrels per day should keep the market balance and the stability of oil prices at the level of $100 per barrel until the year-end," the Minister said, cited by the Algerie Press Service news agency.

"Oil prices recovered after the unprecedented markets collapse in early 2020 due to the appearance and spread of the coronavirus," Arkab added.

OPEC+ member-states agreed at the meeting in Vienna on October 5 to cut oil production by 2 mln barrels daily from November and extended the deal until 2023 year-end.