Algeria will assume presidency of Opec in 2020, the group said at its ministerial meeting at its headquarters in Vienna on 5 December.

Opec follows an annually rotating presidency model, as part of which the presidency will pass to Algeria from current owner Venezuela.

“I wish my successor, H E Mohamed Arkab, Algeria’s minister of energy, the best of luck for 2020,” said Venezuela’s Oil Minister Manuel Salvador Fernandez, who has been Opec’s president this year.

The UAE held the Opec presidency in 2018.