Economy

Opec+ oil production in July: Algeria’s quota increased

Algeria’s quota will increase slightly in July 2021, by 14,000 barrels/day, following the decision taken on Tuesday by Opec and its allies (Opec+) to increase their production by 441,000 barrels/day next month, said a statement from the Ministry of Energy and Mines.

” Minister of Energy and Mines, Mr. Mohamed Arkab, participated on Tuesday in the work of the seventeenth ministerial meeting of OPEC and non-OPEC countries, which was held via videoconference,” the statement said.

The meeting, which featured 23 countries under the Declaration of Cooperation (13 OPEC and 10 non-OPEC countries), was devoted to reviewing recent developments in the international oil market.

At the end of this meeting, “it was unanimously decided to comply with the decisions of the fifteenth ministerial meeting of OPEC and non-OPEC countries, held on April 1, 2021, to keep the July production adjustment, i.e., the increase of 441 thousand barrels per day”.

For Algeria, this update “will allow a slight increase in its production, about 14,000 barrels per day,” the ministry said.

The Minister also took part in the work of the thirtieth meeting of the Joint Ministerial Monitoring Committee (JMMC) to assess short-term market developments, as well as the level of compliance with the production reduction commitment of the signatory countries of the Declaration of Cooperation, for the month of April 2021, based on the report of the Joint Technical Committee.

He welcomed, comes in a statement to the press, the performance of overall production cut compliance levels, as well as the fulfillment of OPEC and non-OPEC Member Countries’ commitments for the month of April which reached 114%.

He also indicated that it was agreed within the framework of the Declaration of Cooperation agreement to keep holding periodic meetings of OPEC and non-OPEC countries, in order to monitor oil market developments and take appropriate decisions for the balance and stability of the oil market.

 

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