Egypt’s participation in OPEC+ aimed at market stability: minister

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Minister of Petroleum Tarek El Molla

Egypt’s Minister of Petroleum Tarek El-Molla highlighted on Friday the importance of the OPEC+ ministerial meeting that came in “a decisive time to restore the market and prices balance.”

Egypt’s participation in the OPEC+ meeting aimed at a direct follow-up and coordination with the oil bloc and boosting the cooperation efforts and initiatives among the producers to achieve stability and sustainability of the world’s oil market,” El-Molla said in a statement.

He explained that the stability of the oil market will positively influence all sectors including the oil producers, consumers and companies. The OPEC+, which includes members of the Organization of the Petroleum Exporting Countries and its allies, pledged during the video meeting held on Thursday, to cut crude production by 10 million barrels per day starting in May as part of a global effort to balance the market.

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