Algerian Radio
Seven OPEC+ member countries, including Algeria, agreed this Sunday on a collective oil production increase of 188,000 barrels per day (bpd) for the coming month of June, according to a statement from the Ministry of Hydrocarbons.
The agreement was reached during the coordination meeting of the seven OPEC+ countries implementing voluntary production adjustments (Algeria, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman, and Russia). The meeting was attended via videoconference by the Minister of State, Minister of Hydrocarbons, Mr. Mohamed Arkab, alongside the President of the National Agency for the Valorization of Hydrocarbon Resources (ALNAFT), Mr. Samir Bakhti, and senior officials from the sector.
The statement explained that, under this agreement, Algeria's production will increase by 6,000 bpd in June.
With this adjustment, Algeria's oil production quota will reach 989,000 bpd in June, according to data published by OPEC on its official website.
Participants reaffirmed their commitment to “maintaining close and continuous consultation, as well as their determination to act in a responsible, coordinated, and proactive manner to support the positive development of the international oil market and preserve its stability.”
During the discussions, the ministers conducted an in-depth and constructive assessment of the short-term outlook for the international oil market.
In a global economic context “moving towards gradual stabilization,” the ministers noted “encouraging signs of recovery, bolstered by a demand dynamic expected to further strengthen in the coming weeks.”
The statement added that the recent slowdown, partially linked to seasonal factors, is expected to “gradually give way to an improvement in oil consumption, driven by strong overall fundamentals.” The meeting took place within the framework of “regular monitoring of the international oil market situation, aiming to strengthen coordination among these nations for a stable and balanced market.”
