OPEC Secretary General Haitham Al-Ghais underscored the importance of trust, established mechanisms, and international cooperation in maintaining oil market stability during a visit to Algeria on Monday. Speaking after meetings with Algerian President Abdelmadjid Tebboune, Al-Ghais highlighted that investment, securing energy supplies, and broader economic stability are closely tied to the stability achieved through the OPEC+ agreement.

Marking the 10th anniversary of the Algiers Agreement, Al-Ghais emphasized the enduring value of dialogue, describing it as “more important than ever” amid ongoing global challenges. He noted that the agreement serves as a reminder that cooperation remains possible even in difficult times, a legacy that continues to resonate a decade after the pact was signed.

During his visit, which began on Sunday, Al-Ghais also met with Algeria’s Minister of Hydrocarbons Mohamed Arkab and Minister of Energy Mourad Adjal. Their discussions concentrated on current developments in the global oil market, future prospects, and significant challenges confronting the oil industry worldwide.

Al-Ghais expressed appreciation for President Tebboune’s leadership and the Algerian government’s role in supporting dialogue and preserving market stability. Algeria’s ongoing commitment to fostering cooperation within the global energy sector was highlighted as a key factor in maintaining balanced oil markets.

The original Algiers Agreement, signed on September 28, 2016, marked a strategic turning point by helping to restore stability in the global oil market and facilitating the establishment of the OPEC+ alliance—an expanded grouping that includes OPEC members and other oil-producing countries. The agreement has since been credited with underpinning efforts to manage supply and navigate periods of volatility in the international oil trade.