Minister of Energy and Mines Mohamed Arkab warned Wednesday against the adoption of unilateral measures aimed at distorting the mechanisms of the international oil market, underlining that such measures would create conditions for sustained instability in the oil market.
“The efforts made by the countries of the Declaration of Cooperation for more than six years could be unjustly wiped out by the adoption of unilateral measures and legislation aimed at deviating from the market mechanisms,” said Arkab, quoted in a ministry statement on recent developments in the international oil market.
Such a step “would lead to underinvestment in the oil industry, major disruptions in supply flows, and create the conditions for lasting instability in the oil market,” he added, according to the ministry statement.
In this regard, Mr. Arkab recalled that “the countries of the Declaration of Cooperation have shown wisdom and exceptional foresight by deciding unanimously and transparently last October to reduce their overall production by 2 Mbpd until the end of 2023 in order to ensure the stability and balance of the international oil market for the benefit of the world economy.”
Regarding recent developments on the international oil market, Arkab said he was “extremely attentive” to its evolution in the short and medium term.