ABU DHABI, Algerian Energy Minister Noureddine Boutarfa and his counterparts from Saudi Arabia, Iraq and Kuwait as well as the Secretary General of the Organization of Petroleum Exporting Countries (OPEC) have met in Abu Dhabi to discuss the latest oil market situation.

The Energy Ministry said in a statement that the meeting, which took place Thursday on the sidelines of the inaugural Atlantic Council Global Energy Forum being held in the Emirati capital, focused on and assessment of oil markets and the implementation of follow-up mechanisms ahead of the meeting of the OPEC High Monitoring Committee to be held on Jan 22 in Vienna.

The oil ministers expressed their satisfaction with "the first effects of the reduction of supply following the last meeting of OPEC and non-OPEC oil producing countries, added the statement.

"Algeria pursues its efforts to maintain the momentum achieved (at a meeting of OPEC member countries) in September in Algiers and stabilize the oil markets at fair prices which are suitable for both producer and consumer countries," it said.

The inaugural Atlantic Council Global Energy Forum, being held on Thursday and Friday, is a flagship initiative of the Atlantic Council of the United States, launched in partnership with the Energy Ministry of the United Arab Emirates UAE), with the aim of setting the 2017 energy agenda in a manner which will strengthen energy markets, encourage breakthrough technologies, and foster climate action.