The overall compliance rate to the oil production cut agreement, concluded between the Organization of Petroleum Exporting countries (OPEC) and its allies (OPEC+), exceeded 100% in February 2021, Minister of Energy and Mines Mohamed Arkab said Wednesday, Report informs, referring to Algeria Press Service.
“The Technical Committee’s reports showed positive signs of stabilization in the world market but revealed some uncertainties in the oil markets after new strains of the coronavirus became widespread around the world. This will lead to the closure of producing countries which have an impact on both demand and prices,” Mohamed Arkab said.