HE Mohamed Arkab, Algeria’s Minister of Energy and President of the OPEC Conference, said in a statement that Algeria has reduced its oil production in full conformity with the agreement concluded on 12 April 2020, expressing his confidence that all the countries signatory to the agreement will respect the voluntary commitments made.

OPEC President emphasised that the oil market conditions and prospects are of concern to all producers and require full conformity with the voluntary production reduction agreement.

HE Arkab added: “the most difficult [time] is behind us … the market situation will improve quickly thanks to the resumption of the economic growth and the actions of OPEC+ countries.”