Economy

Oil: Algeria will raise its production by 10,000 barrels / day in March

The Minister of Energy and Mines, Mohamed Arkab, affirmed today, Wednesday, in Algiers, that Algeria will raise its daily oil production by 10,000 barrels next March.

The minister indicated after the 25th ministerial meeting of OPEC and non-OPEC member countries (OPEC +), in which he participated via videoconference, that Algerian oil production “will move from 982,000 barrels / day to 992 thousand barrels / day next March.”

This increase comes as part of the implementation of the OPEC + decision taken at its 25th ministerial meeting, which provides for a total increase of 400,000 barrels / day next March.

He also stressed that this decision was motivated by the results included in the technical report that was presented, yesterday, Tuesday, during the 59th meeting of the Joint Technical Committee of the OPEC + countries, which brought together many experts in the sector and showed the “positive” development of the oil market.

Mr. Arkab indicated that the participants in the ministerial meeting decided “to maintain market surveillance and remain vigilant regarding the extremely accelerating spread of the new omicron variant of the Corona virus around the world, without having any impact on the global economies”.

The energy minister added that injecting an additional 400,000 barrels per day into the market would allow a “greater balance” for the market during the month of March.

On the same day, the Algerian minister also participated via videoconference, in the proceedings of the thirty-seventh meeting of the Joint Ministerial Monitoring Committee for OPEC and non-OPEC countries.

The Joint Ministerial Monitoring Committee for OPEC and non-OPEC countries was devoted to reviewing the situation of the international oil market and its development indicators in the short term, as well as assessing the level of compliance with production cut commitments by OPEC + countries for the month of December 2021.

The Joint Ministerial Monitoring Committee for OPEC and non-OPEC countries also expressed its “satisfaction” with the overall compliance rate, which reached 122% in December 2021.

Meanwhile, the energy minister indicated that the energy ministers of the OPEC + countries decided, to meet again on March 2, 2022, while remaining “very vigilant and in constant contact in order to deal with any contingency.

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