ALGIERS – Monday, 12 December 2022 (APS) – The Minister of Energy and Mines, Mohamed Arkab called during his participation Monday in the 109th ministerial meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) to intensify efforts to contribute to the stability of global oil markets.

 Arkab, who took part in this meeting via videoconference, said that “the substantial changes in the oil market and energy markets in general on the international scene have imposed great challenges to oil-producing and exporting countries, including the member states of OAPEC, which must make more efforts to contribute to the stability of the global oil market.”

Member states must make more efforts to contribute to the stability of the global market given the importance of oil in socio-economic development, stressed Arkab.

The minister also welcomed the efforts made by the organization to strengthen cooperation among member states in all areas, which is likely to boost the development of the oil and gas industry.

The meeting focused on several organizational items, including the adoption of the organization’s budget for the fiscal year 2023 and monitoring the implementation of the development plan and activation of the organization’s activities said the Ministry of Energy and Mines.

The activities of the organization during this year were also presented, as well as the follow-up of the preparations for the 12th Arab Energy Conference scheduled for 2023 in Qatar.

On this occasion, the ministers of the member states of OAPEC affirmed that the year 2023 will be “full of activities to strengthen cooperation between all members to maintain the balance of the oil market in the interest of producing and consuming countries, and the oil industry. These efforts will result in further investments and economic growth,” said the source.