Al-Ghaiss: Oil market stability relies on trust, established mechanisms, and international solidarity during crises

OPEC Secretary-General Haitham Al-Ghais said on Monday that market stability is built on trust, established mechanisms, and the solidarity of countries during crises.

In a media statement following his talks with Algerian President Abdelmadjid Tebboune on the occasion of the 10th anniversary of the Algiers Agreement, Al-Ghais noted that “investment, supply security, and economic stability are closely linked to the stability achieved through the OPEC+ agreement.”

He emphasized the need for dialogue, describing it as “more important than ever,” and pointed out that “the Algiers Agreement reminds us that even in the most difficult times, cooperation remains possible, and this is the legacy we should all recall on the 10th anniversary of the Algiers Declaration.”

He expressed his gratitude to the Algerian President for his leadership, role, support, and sound guidance to the organization, as well as to the Algerian government for its ongoing commitment to supporting dialogue and the stability of global oil markets.

OPEC Secretary-General Haitham Al-Ghais had begun an official visit to Algeria on Sunday, where he met with Minister of Hydrocarbons Mohamed Arkab and Minister of Energy Mourad Medelci to discuss developments in the global oil market, its outlook, and the key challenges facing the global oil industry.

The historic Algiers Agreement, signed on September 28, 2016, marked a strategic turning point and a pivotal milestone in restoring stability to the global oil market and laying the foundation for the OPEC+ alliance.