Algerian Radio
On Sunday, Minister of State and Minister of Hydrocarbons and Mines, Mohamed Arkab, participated via videoconference in the coordination meeting of the group of eight countries signatory to the Declaration of Cooperation (OPEC+) that are implementing voluntary production adjustments. These countries are: Algeria, the Kingdom of Saudi Arabia, the United Arab Emirates, Iraq, Kazakhstan, Kuwait, Oman, and Russia, according to a statement from the ministry.
According to the statement, this meeting falls "within the framework of periodic monitoring of developments in the global oil market and aims to enhance coordination between the eight concerned countries to ensure market stability and balance. During this meeting, the ministers held in-depth and constructive consultations on the short-term prospects of the global oil market, amidst an economic environment that is still characterized by a degree of uncertainty, yet shows encouraging signs of gradual improvement."
The ministers noted, the statement adds, "that the currently recorded moderation in demand, mainly linked to seasonal factors, is expected to gradually recede, paving the way for a gradual recovery in consumption levels during the coming months."
At the conclusion of the meeting, the ministers decided to commence, during the month of April, "a collective production increase of 206,000 barrels per day."
For Algeria, this step translates, according to the statement, "to an increase of 6,000 barrels per day during the same month."
The participants also reiterated, at the conclusion of their proceedings, "their commitment to continuing regular consultations and working in a responsible, coordinated, and proactive manner, to ensure the preservation of the stability and balance of the global oil market."
