Speech by Algeria's Minister of Energy

Delivered by HE Mustapha Guitouni, Algeria's Minister of Energy, at the 10th Meeting of the Joint Ministerial Monitoring Committee (JMMC), 23 September 2018, Algiers, Algeria.

HE Khalid Al-Falih, Chairman of the JMMC,
HE Alexander Novak, Co-chairman,
HE Suhail Mohamed Al Mazrouei, President of the OPEC Conference,
HE Mohammad Sanusi Barkindo, Secretary General of OPEC,
Ladies and gentlemen,

Allow me to warmly welcome you to Algeria, in this wonderful city of Algiers - known as Almahroussa The Well Kept - which, during its two and a half millennia of history, has left none of its visitors indifferent to its magnificent bay, its streets and districts steeped in history, the whiteness of its buildings and the charm of its inhabitants.

In line with its traditions and history, Algeria has never ceased to work towards the rapprochement of positions between countries that are brothers and friends. Just after we have completed the nationalization of its hydrocarbon resources, Algeria held in 1975, not far from here, the First Summit of Sovereigns and Heads of State of OPEC, resulting in the First Solemn Declaration of Algiers. Subsequently, many meetings of the OPEC Conference were successfully held, from Algiers to Oran, until our today’s meeting of the OPEC & non-OPEC Joint Ministerial Monitoring Committee.

It is all the more pleasant for me to welcome you back to Algiers as we celebrate the second anniversary of the Historic Algiers Accord on September 28, 2016, which laid the foundations of the OPEC Non-OPEC Declaration of Cooperation, adopted by 25 countries.

Even though in the early months of its implementation, unjustified doubts weighed on our collective ability to act effectively to eliminate the excess of stocks and restore oil market balance, we have all shown leadership, flexibility and good governance.

The work of the JMMC and its technical body, the JTC, are the expression of this good governance which gives the oil market a necessary visibility and more transparency.

The Declaration of Cooperation is a remarkable historical success. It is, today, in the interest of producers, the oil industry and consumers to capitalize on its positive effects and ensure a smooth transition so as not to destabilize the ongoing return to market equilibrium.

We must now consider the ways and means of sustaining our cooperation and maintaining the basis for a permanent dialogue not only between OPEC and non-OPEC countries, but also, and above all, between producing and consuming countries.

Ladies and gentlemen,

I renew my warmest welcome to all in Algiers, The Well Kept, and wish all the success to our work.

HE Mustapha Guitouni, Algeria's Minister of Energy (r); and HE Alexander Novak, Russia's Minister of Energy; and Co-chairman of the JMMC

HE Mustapha Guitouni, Algeria's Minister of Energy (r); and HE Alexander Novak, Russia's Minister of Energy; and Co-chairman of the JMMC