Algerian Radio
Seven OPEC+ member states, including Algeria, agreed on Sunday to a collective oil production increase of 188,000 barrels per day (bpd) for the month of June, according to a statement from the Ministry of Hydrocarbons.
The agreement was reached during a coordination meeting of the seven nations currently implementing voluntary production adjustments (Algeria, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman, and Russia) within the framework of the OPEC+ Declaration of Cooperation.
The meeting saw the participation of the Minister of State, Minister of Hydrocarbons, Mr. Mohamed Arkab, via videoconference, alongside the President of the National Agency for the Valorization of Hydrocarbon Resources (ALNAFT), Mr. Samir Bekhti, and senior officials from the sector.
Algeria’s Production Quota
According to the statement, Algeria’s production will rise by 6,000 bpd in June under this agreement. Consequently, Algeria’s total oil production quota will reach 989,000 bpd for the month, based on official data published by OPEC.
The participants reaffirmed their "commitment to close and continuous consultation," as well as their determination to act in a responsible, coordinated, and proactive manner to support the positive evolution and stability of the international oil market.
Market Outlook and Recovery
During the discussions, the ministers conducted an in-depth and constructive assessment of the short-term outlook for the global oil market. Against an economic backdrop "heading toward gradual stabilization," the ministers noted "encouraging signs of recovery," supported by a demand dynamic expected to strengthen further in the coming weeks.
The ministry's statement added that the recent slowdown, partly linked to seasonal factors, is expected to give way to an "improvement in oil consumption, driven by strong overall fundamentals." This meeting is part of the "regular monitoring of the international oil market situation," aimed at enhancing coordination among member states to ensure a stable and balanced market.
