Prime Minister of the Republic of Algeria Ahmed Ouyahia received a message sent by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud to President Abdelaziz Bouteflika of the People's Democratic Republic of Algeria. It was conveyed by Minister of Energy, Industry and Mineral Resources Khalid al-Falih who was received in Algiers.
Falih reviewed with the Prime Minister areas of cooperation and joint work between the two countries, including cooperation in the efforts to rebalance the oil markets.
He and his accompanying delegation also met with Algerian Minister of Energy Mustapha Qaitouni. During the meeting, they discussed the latest developments in the world oil markets – the two countries stressed the need for adhering to oil production cuts.
They also discussed preparations related to the scheduled meeting between OPEC and non-OPEC producing countries in November in Vienna, as well as possible ways to make the meeting a success and emphasize trust in producers’ efforts.
Further, reliable sources revealed to Asharq Al-Awsat that Falih will visit three oil producing countries besides Algeria.
Last month, Falih visited Kazakhstan and discussed with his UAE and Kazakhstan counterparts the possibility of keeping the extension of oil output cut deal an option to be discussed in the upcoming meeting in November.
UAE Energy Minister Suhail bin Mohammed al-Mazroui said on Wednesday he was hopeful that the meeting will help re-balance the market in 2018. OPEC Secretariat will present a couple of suggestions to be evaluated under the framework of reaching balance in the market.