ALGIERS, April 29 (Xinhua) -- Algeria on Wednesday reaffirmed its "full and steadfast commitment" to the Organization of the Petroleum Exporting Countries (OPEC) and its OPEC+ partners, saying the groups remain central to efforts to stabilize global oil markets.
In a statement, the Ministry of Hydrocarbons described OPEC as playing a "strategic and structural role" in defending the interests of producing countries, helping stabilize markets and maintaining dialogue with consuming nations. It said the group has repeatedly shown its ability to help balance supply and demand and support global economic growth.
The ministry said Algeria's oil and gas sector has long been closely tied to OPEC, and it reaffirmed the country's commitment to the organization's principles of solidarity, consultation and collective discipline. Algeria has been an OPEC member since 1969.
On Tuesday, the UAE announced it would withdraw from OPEC and the wider OPEC+ alliance, effective May 1, removing the group's third-largest producer and further weakening the cartel's influence over global oil supplies and prices. Analysts estimated that with the UAE leaving, OPEC loses about 15 percent of its capacity.
OPEC was founded in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela to coordinate production policies and protect the interests of major oil exporters by ensuring stable revenues for members.
The UAE joined OPEC in 1967, and its departure will leave the group with 11 members. OPEC+ alliance includes an additional 10 non-OPEC producers.
