Algerian Energy Minister Believes OPEC+ Meeting On April 9 To Be Fruitful

Faizan Hashmi Published April 09, 2020 | 12:40 AM

CAIRO (UrduPoint News / Sputnik - 09th April, 2020) Algerian Energy Minister Mohamed Arkab said on Wednesday that he is convinced that the OPEC+ meeting set to take place on Thursday will be fruitful and will help to stabilize the oil market.

On April 9, an OPEC+ video conference will be held on the possibility of a new cut in oil production to stabilize the market situation, to be followed by a meeting of G20 energy ministers on energy market stability on Friday.

"Undoubtedly, this meeting will be fruitful in terms of achieving a balance in the market between OPEC countries and their non-OPEC partners thanks to measures that we will take tomorrow," the minister said, as quoted by the national news agency APS.

According to Arkab, the measures that are expected to be agreed during the meeting would help to revive the oil market.

The world's economy has been hit by the outbreak of the coronavirus disease, compounded by the implosion of the OPEC+ agreement on production curbs and Saudi Arabia's decision to flood the market with oil, which led crude prices to drop to an 18-year low.