Minister of Energy and Mines, Mohamed Arkab, said Thursday in Algiers that oil production in Algeria will increase by some 11,000 barrels per day (bpd) in June, in line with the decision of the 28th OPEC-non OPEC ministerial meeting, held by video link on Thursday.
Speaking at the meeting, Mr Arkab said that this decision had been taken by the participating countries following consultation of the technical committee’s expert reports. “These reports have highlighted that supplies and market fundamentals are strong, despite some indicators on economic growth raising doubts,” he said.
Algerian oil production will increase from 1,013,000 barrels/day in May to about 1,024,000 barrels/day in June.
The meeting decided to increase the overall production of the group, which comprises 23 states, by 432,000 barrels/day by June 2022.
Mr Arkab also said that the Opec ministers had decided to “hold their next meeting on June 2nd to assess the evolution of the world oil market”.
Shortly before this meeting, Mr Arkab took part in the work of the 40th meeting of the Joint Ministerial Monitoring Committee (JMMC), devoted to the review of the situation of the international oil market and its short-term prospects, as well as the assessment of the level of compliance with the commitments to reduce production of the OPEC countries.
The JMMC has been meeting periodically since January 2017 with the aim of monitoring the implementation of the voluntary production adjustments of the Opec+ countries, signatories of the Declaration of Cooperation.