Algerian Radio
Algeria's oil production is set to increase by 6,000 barrels per day starting in April, bringing its total output to 977,000 barrels per day.
This decision follows a new collective production increase of 206,000 barrels per day by Algeria and seven other countries within the 'OPEC+' alliance.
The increase will take effect starting next April.
In a coordinating ministerial meeting held on Sunday, Algeria and the seven countries reaffirmed their commitment to adopting a cautious approach aimed at maintaining market stability.
Eight member states of the Organization of the Petroleum Exporting Countries (OPEC) and their allies from outside the organization participated via remote video conferencing.
These include: Algeria, Saudi Arabia, United Arab Emirates, Iraq, Kazakhstan, Kuwait, Oman, and Russia.
These eight countries had previously implemented voluntary production cuts starting in April 2023.
A statement from the Ministry of Hydrocarbons and Mines indicated that the meeting, attended by Minister of State Mohamed Arkab, featured in-depth and constructive consultations.
Against the backdrop of escalating tensions in the Middle East, the global oil market continues to operate within an economic environment characterized by a degree of uncertainty.
Nevertheless, participants pointed to "encouraging signs of gradual improvement."
Participants anticipated a gradual reversal of the current moderation in demand, primarily linked to seasonal factors.
This expected shift is projected to pave the way for a gradual recovery in consumption levels over the coming months.
The participants reiterated "their commitment to continuing regular consultations and working in a responsible, coordinated, and proactive manner, ensuring the preservation of global oil market stability and balance."
They also agreed to ensure full compliance with voluntary commitments, alongside evaluating the adopted compensation mechanisms.
The next ministerial meeting has been scheduled for April 5th.
