Jun 5, 2023 to Jun 5, 2023

Algeria & Russia committed to continuing efforts to stabilize oil market.

Medvedev welcomed Algeria’s efforts in favour of a dialogue on the stability of oil markets, broaching the letter sent by President of the Republic Abdelaziz Bouteflika, in the beginning of 2015, to his Russian counterpart and several heads of State of oil-producing countries.

These efforts, he said, allowed launching the initiative in Vienna which culminated in the signing, in December 2016, of an agreement to reduce production by the Organization of the Petroleum Exporting Countries (OEPC) and eleven (11) non-OPEC producing countries.

Medvedev reaffirmed Russia’s determination to respect its commitments in this regard.

For his part, Ouyahia affirmed that the “dialogue continues on the agreement of Vienna to guarantee its implementation,” welcoming the meeting which brought recently together Russian President Vladimir Poutine and Saudi sovereign King Salman bin Abdulaziz Al Saud, concerning notably the aspect relating to hydrocarbons which constitutes a “vital sector” for Algeria.”

Prime Minister hoped that the implementation of the agreement will continue to increase oil prices.

He hailed Russia’s contribution to the mobilisation of signatory parties, particularly the non-OPEC producing countries to reach the agreement of Vienna, affirming that the “vital interests of the two countries are similar in hydrocarbons as they are the foundation of the Algerian economy and have their weight in the Russian economy.”