OPEC non-OPEC agreement: Algeria to increase oil production by 26,000 barrels/day

July 4th, 2018

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APS : Tuesday, 03 July 2018

ALGIERS- Algeria will increase its oil production by 26,000 barrels/day as from next month as part of the implementation of the latest measures taken by the Organization of the Petroleum Exporting Countries
(OPEC) and its partners, aimed at maintaining the balance between supply and demand, said Tuesday, in Algiers, Minister of Energy Mustapha Guitouni.
“The countries of OPEC and their non-OPEC partners decided to make up for the drop in exports for some countries by distributing the production that was missing in the market in proportion to other countries. Algeria will have to increase its production by 26,000 barrels/day, bringing its total production to 1,106,000 barrels/day,” said Guitouni in a press conference on the sidelines of a meeting with the power supply directors.
The 24 OPEc and non-OPEC producing countries agreed on 23 June in Vienna to limit to 100% their level of respect to the commitments taken as part of the drop agreement which aims at withdrawing from the market a total of 1.8 million of barrels/day (1.2 million barrels/day for OPEC members and 0.6 million barrels/day non-OPEC producing countries).
“This drop allowed the market to reduce the stocks of the production and to maintain a price that suits both producers and consumers,” said the minister.