Posted by: Xinhuanet

The Algerian energy minister on Sunday urged global oil producers and consumers to maintain cooperation and permanent dialogue in pursuit of a stabilized market.

“It is in the interests of oil producers and consumers as well as all actors in the petroleum industry to build on their positive efforts to ensure a smooth transition so as not to destabilize the market,” Mustapha Guitouni said in his address to the opening of the 10th OPEC and non-OPEC Joint Ministerial Monitoring Committee (JMMC) in the capital Algiers.

Co-chaired by Saudi Arabia and Russia, the JMMC consists of four OPEC member countries: Algeria, Saudi Arabia, Kuwait and Venezuela, as well as two non-OPEC member countries: Russia and Oman.

The commission is tasked with ensuring the achievement of the objectives of the Declaration of Algiers to reduce the annual oil outputs by 1.8 million barrels to range between 32.5 million to 33 million barrels per day in a bid to boost plunging prices.

The declaration came into effect on Jan. 1, 2017, and is expected to expire by the end of 2018.