OPEC+: Algeria and Six Other Countries to Increase Output by 188,000 Barrels per Day from August

Algeria and six other countries from the OPEC+ group decided this Sunday on a new collective production increase of 188,000 barrels per day (bpd), effective from the month of August. The nations reaffirmed their commitment to a cautious approach aimed at maintaining global market stability.

This decision was reached during a ministerial meeting held via videoconference, bringing together the seven OPEC+ members (Organization of the Petroleum Exporting Countries and its non-OPEC allies) that have implemented voluntary adjustments to their crude oil production: Algeria, Arabie Saoudite, Iraq, Kazakhstan, Koweït, the Sultanate of Oman, and Russia.

During the meeting, which saw the participation of the Minister of State, Minister of Hydrocarbons, Mohamed Arkab, the seven countries agreed on a collective increase of 188,000 bpd. This move is part of the gradual resumption of additional voluntary adjustments previously announced in April 2023, according to a statement from the Ministry of Hydrocarbons.