Economics Affairs

Algeria, Russia committed to continuing efforts to stabilize oil market

APS - 11 October 2017

ALGIERS- Prime Minister Ahmed Ouyahia and his Russian counterpart Dmitry Medvedev underlined Tuesday, in Algiers, their commitment to continuing efforts to restabilize oil market, notably the implementation of Vienna Agreement on reducing production.

“The Algerian and Russian positions are totally convergent on reducing the production in accordance with what has been agreed on in Vienna,” said Medvedev in a press conference on the sidelines of the signing of five agreements of cooperation between the two countries.

He added that his country “hopes to continue these efforts and continue discussing the issue with all the concerned countries.”

“It is of utmost importance to follow the implementation of this agreement by all the partners,” said Russian Prime Minister, hailing Algeria’s respect to the levels of productions fixed in the aforementioned agreement which, he added, “will help stabilizing the oil markets and prices at reasonable levels, to increase receipts and create new growth opportunities.”