By: Al 24 news

Algerian Minister of State and Minister of Energy, Mohamed Arkab, announced on Monday that the 58th meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC and non-OPEC countries decided to continue consultations, maintain close coordination, and monitor oil market developments in the coming weeks, with expectations for a recovery in oil demand starting in April.

During his participation in the 58th JMMC meeting (OPEC+), held via video conference today, the Minister of State, Minister of Energy, Mines, and Renewable Energy stated that the ministers engaged in detailed discussions on the current state of the oil market and its outlook for the coming weeks. He emphasised that “the current situation demands heightened vigilance and coordination to ensure adherence to our collective and voluntary production cut decisions.”

According to a statement from the Algerian Ministry of Energy, the committee members assessed the compliance with production levels set for November and December 2024, with full commitment from OPEC+ countries in implementing their decisions. The ministers also exchanged views on the current developments in the global oil market and its short- and medium-term prospects.

Minister Mohamed Arkab confirmed that “the recent actions taken by OPEC+ countries have played a key role in stabilising the global oil market, benefiting both producers and consumers.” He further noted that “despite lingering uncertainties, the market fundamentals remain strong, with signs of economic recovery in several regions. We expect a significant recovery in oil demand starting in April, following a seasonal slowdown in the first quarter of the year.”