OPEC+ ministers meet in Riyadh to address oil market stability

OPEC+ ministers held a consultative meeting in Riyadh to discuss global oil market stability and the impact of maritime and logistical tensions on energy security. The discussions emphasized that disruptions in energy flows are increasing inflationary pressures on the global economy. Participants highlighted the critical need to protect international maritime routes to ensure an uninterrupted energy supply and maintain freedom of navigation.

On the sidelines of the meeting, Algerian Minister of Hydrocarbons Mohamed Arkab met with Iraqi Petroleum Minister Basim Mohammed Khudair Al-Abadi to discuss strengthening bilateral cooperation. The two officials explored opportunities for partnership in hydrocarbon exploration, production, natural gas, and petrochemicals. Key areas of focus included potential joint projects between Sonatrach and Iraqi oil companies, as well as modernizing exploration techniques and improving energy efficiency.