Economy

Arkab: Algeria’s production to exceed 1 million barrels per day in April

Algeria’s oil production will exceed one (1) million barrels per day (mb/d) next April, i.e. an increase of 10,000 barrels per day compared to March, Energy and Mines Minister Mohamed Arkab said in Algiers on Wednesday.

In a statement to the press on the sidelines of the 26th Opec-Non-Opec ministerial meeting (Opec+), which he attended by videoconference, Arkab revealed that “Algeria’s oil production will reach 1,002,000 million barrels next April”.

This increase is part of the implementation of the Opec+ decision at its 26th Opec-Non-Opec (Opec+) ministerial meeting on an overall increase of 400,000 mb/d next April.

“The signatory countries of the Opec+ cooperation declaration have decided to continue the overall increase by injecting an additional 400,000 mb/d into the market next April,” Arkab said.

Mr Arkab took part this Wednesday by videoconference in the work of the 26th Opec-Non-Opec ministerial meeting (Opec+).

The Minister of Energy and Mines also participated in the 38th meeting of the Joint Ministerial Monitoring Committee (JMMC).

These two meetings were devoted to “examining the situation of the international oil market and its short-term prospects as well as assessing the level of compliance with the production reduction commitments of the Opec countries during January 2022”.

The compliance rate reached 129% last January, Arkab revealed.

Opec+ energy ministers have decided to meet again on 31 March.

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