Algiers news on September 23rd: Saudi Energy Minister Falih said in Algiers on the 23rd that the oil-producing countries have not reached an agreement on increasing oil production.
The tenth meeting of the Organization of Petroleum Exporting Countries (OPEC) and the non-OPEC oil producers joint ministerial supervisory committee was held in Algiers. Falih said at the meeting that the current priority for oil-producing countries is to keep international oil prices stable. The international oil price of 80 US dollars per barrel is beneficial to both oil-producing and consuming countries. Falih believes that by taking appropriate measures, the international oil market can be guaranteed to be adequate.
Algerian Energy Minister Giturni also said at the meeting that keeping oil prices stable is beneficial to oil-producing countries, consumers and oil industry participants.
The United States plans to sanction Iranian oil exports in November. Some analysts believe that if oil-producing countries do not increase production, they will not be able to make up for the oil supply gap caused by sanctions, which will lead to an increase in international oil prices. Recently, US President Trump also said that the international oil price is too high, requiring OPEC and other oil-producing countries to increase production.
During the joint ministerial supervisory committee meeting, OPEC Chairman-in-Chief and UAE Energy Minister Mazrui stressed that OPEC is not a political organization and will not yield due to external pressure. Russian Energy Minister Novak accused politically disrupting international oil prices and called on OPEC and non-OPEC oil producers to maintain cooperation to ensure long-term oil price stability.
The Joint Ministerial Oversight Committee was established in 2016 with the main task of coordinating the production of OPEC and non-OPEC oil producing countries and maintaining international oil price stability.
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