Economy

OPEC +: agreement to extend the production increase by 400,000 barrels per day during December

The Minister of Energy and Mines, Mohamed Arkab, announced that the Organization of the Petroleum Exporting Countries and its allies decided, today, Thursday, to continue implementing the decision of the 19th session of their ministerial meeting, which stipulates an increase in oil production by 400,000 barrels / day starting from August, during next December.

In his intervention after the 34th meeting of the Joint Ministerial Monitoring Committee (GMMC) or the 22nd ministerial meeting of OPEC + countries, held via remote videoconferencing technology, Mr. Arkab stated that Algeria’s share of oil production during the month of December will be at the level of 962,000 barrels / day, that is, an increase of 10,000 barrels / day from the current November.

Mr. Arkab added, “Supplies and the fundamentals of the oil market in general were good during this period, which made us take the decision to extend the agreement with an increase of 400,000 barrels / day.”

The minister also praised the “positive performance of the overall compliance levels that allowed the stability and balance of the oil market,” as the compliance of the signatory countries reached 115 percent during the month of September.

It is worth noting that this meeting, which includes 23 countries (13 OPEC countries and 10 non-OPEC members) that signed the cooperation declaration, was devoted to studying the conditions of the global oil market and its short-term prospects, added the same source.

As preceded by this meeting, the 34th meeting of the Joint Ministerial Monitoring Committee (GMMC), which – on the basis of the report of the Joint Technical Committee – assessed the current short-term oil market conditions, as well as the level of compliance with the production-reduction obligations of the signatory countries to the declaration of cooperation.

The Inter-Ministerial Committee of the OPEC member countries consists of Algeria, Saudi Arabia, the United Arab Emirates, Iraq, Kuwait, Nigeria, Venezuela and two non-OPEC countries, Russia and Kazakhstan.

Angola also participated in the work of (GMMC) as the President of the OPEC Conference.

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