Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al Ghais on Monday highlighted the lasting legacy of the Algiers Accord, a deal reached 10 years ago at an OPEC meeting in Algiers to address severe imbalances in the global oil market.

Al Ghais, who has been paying a working visit to Algeria since Saturday, made the remarks after being received by Algerian President Abdelmadjid Tebboune, according to a statement released by the Algerian presidency.

"After 10 years, the Algiers Accord remains a lesson for history," Al Ghais said. "Market stability is not built by data alone, but is built by confidence, adopted mechanisms, and the will of countries to unite when conditions become critical."

Al Ghais stressed that investment, securing supplies and economic stability are closely linked to the stability resulting from the OPEC+ agreement, adding that the need for dialogue "has not decreased, but has become more important than ever before."

"The Algiers Accord reminds us that even in the most difficult times, cooperation remains possible," Al Ghais said.

In 2016, the OPEC Conference convened for its 170th (Extraordinary) Meeting in Algiers to discuss the conditions of the global oil market and examine ways to address the severe market imbalance, according to an article published on OPEC's website.

The Algiers Accord, a result of the conference, laid the groundwork for coordinated production adjustments among OPEC members and subsequently contributed to the broader OPEC+ cooperation framework between OPEC and non-OPEC oil-producing countries.