Algiers — Several decisions were unanimously adopted at the 179th meeting of the Conference of the Organization of Petroleum Exporting Countries (OPEC) and the 11th OPEC and Non-OPEC ministerial meeting held Saturday to stabilize the oil market, the Energy Ministry said in a statement.

Taking into account the current fundamentals and the recent prospects of the international oil market, the countries participating in the proceedings of the 11th ministerial meeting of Opep and non-Opep countries and the 179th Opep Ministerial Conference, under the chairmanship of Minister of Energy and current Chairman of OPEC Conference Mohamed Arkab, have decided to take several decisions aimed at ensuring the stability of the black gold prices, the same source said.

The other decision endorsed by the Opec and non-Opec countries is the decision to convene the Joint Ministerial Monitoring Committee (JMMC) every month to monitor the implementation of the oil supply reduction agreement.

In this context, the 11th meeting of the Opec + countries reaffirmed the continuing commitment of the producer countries signatories of the Declaration of Cooperation (DoC) to a "stable market, in the mutual interest of the producer countries, the efficient and secure supply of oil to consumers and in the interest of the world economy."

Announcing that the next meeting of the Joint Ministerial Follow-up Committee (JMMC) is scheduled for 18 June, the Opec and non-Opec countries agreed to hold a ministerial meeting in Vienna on 1 December.