Algeria’s oil production will stand at 1.007 million barrels per day (Mb/d) from next November, said on Wednesday a statement from the Ministry of Energy and Mines.
This oil production threshold for Algeria for the month of November comes in application of the decision taken this Wednesday at the 33rd OPEC-Non OPEC Ministerial Meeting (OPEC+), held in Vienna with the participation of the Minister of Energy and Mines, Mohamed Arkab, said the same source.
At this 33rd ministerial meeting, preceded by the 45th meeting of the OPEC and non-OPEC Ministerial Monitoring Committee (JMMC), the OPEC + countries agreed to lower the overall level of their production by 2 million barrels per day starting November 1, the statement added.
“The ministers examined the current situation of the oil market, its short-term outlook as well as compliance with production levels for the month of August by OPEC+ member countries,” the ministry said.
Thus, it has been “observed that for several weeks, the situation of the oil market has been deteriorating faster than expected despite the constant efforts of the OPEC countries and its partners of the Declaration of Cooperation to maintain its stability and its balance” , explains the press release.
It has also been noted, according to the same source, that “the world economy has entered a long phase of low growth and high inflation. Global oil demand is showing worrying signs of slowing down while oil supply is largely sufficient to ensure the stability and balance of the international oil market”.