4 March 2024
Algeirs, Algeria – The Forum of Oil Exporting Countries (OEEC) concluded its 7th meeting with a joint statement highlighting concerns about volatile oil demand and a commitment to work together to address it.
The statement, issued after the meeting held in Algeria, acknowledges the significant challenge posed by fluctuating demand to the economies of oil-exporting nations.
The 14 member countries, including Algeria, Angola, Egypt, Russia, and Iran, participated in the forum under the theme “Natural Gas for a Safe and Sustainable Life.”
Algerian President Abdelmadjid Tebboune emphasized the importance of member countries collaborating to ensure natural gas remains the world’s leading energy source. He expressed concern, as reported by Africa News, about the rising adoption of renewable energy alternatives in the global industrial sector potentially impacting natural gas demand.
This collaboration suggests the OEEC may explore measures to stabilize oil markets, potentially through production adjustments or joint marketing strategies. However, the specific details of their plan remain unclear, and further developments are expected.
