ALGIERS - The Organization of Arab Petroleum Exporting Countries (OAPEC) affirmed that the Algiers Accord, adopted by the Organization of the Petroleum Exporting Countries (OPEC), marked a "strategic turning point" in the global oil market, as it laid the groundwork for the "OPEC+" Agreement to address developments in the market in the long term.

OAPEC Secretary-General Khaled Al-Otaibi said, in the organization's monthly bulletin published Sunday to mark the 10th anniversary of the landmark Algiers Accord, that the deal "was not just a short-term response to falling prices, but marked a shift in how oil-related challenges are managed" and laid the groundwork for "a broader, more flexible partnership among producing countries."

This is reflected in "the resilience to withstand and address challenges, particularly the sharp drop in oil prices seen about a decade ago, driven by rising supply, especially U.S. shale oil, alongside weak demand growth and high inventory levels," he added.

He noted that this experience showed that rebalancing the oil market "cannot be achieved through unilateral action, but requires broad cooperation among producers built on dialogue, trust, and shared responsibility."

Over the past decade, the OPEC+ alliance has shown "how well it can handle successive periods of volatility and uncertainty," Al-Otaibi said, "through continuous monitoring of supply and demand trends, assessment of inventory and investment levels, and appropriate measures tailored to market conditions."