Algiers Accord is landmark achievement

“Through a shared vision, among both OPEC and non-OPEC producers, collaborative and timely intervention was taken to address the prevailing market realities,” said HE Mohammad Sanusi Barkindo, OPEC Secretary General, at the International Petroleum Week in London (UK).

With the Algiers Accord agreed in September 2016, the OPEC Conference opted for an OPEC production target ranging between 32.5 and 33 million barrels a day (mb/d), in order to bring the market rebalancing forward. This was as “a landmark achievement for the OPEC and the oil industry,” explained Barkindo as he gave a speech about the future economy of oil from the Middle East and across OPEC.