OPEC-Non-OPEC: Algeria cut output by nearly 25,000 barrels per day

APS : Monday, 14 January 2019
ALGIERS – Algeria cut its oil output by nearly 25,000 barrels per day from 1st January 2019 as part of the OPEC-non-OPEC agreement signed last December, said Monday Sonatrach’s vice-president
for exploration and production Salah Mekmouche.
Before the implementation of this deal, Algeria’s production was 1.08 million barrels per day, Mekmouche told the press.
Last December, the OPEC and non-OPEC oil producing countries clinched a deal in Vienna, which provides for a collective reduction in crude oil production by 1.2 million barrels per day from January 2019 for an initial period of six months.
Under this agreement, the OPEC countries must reduce their production by 800,000 barrels per day against 400,000 barrels per day for the non-OPEC countries.
In this regard, Saudi Energy Minister Khaled al-Falih recently announced that Saudi Arabia will reduce its oil exports by 10% in January compared to November in order to stabilize prices.
Russian Energy Minister Alexander Novak also said that Russia oil output cut could reach 50,000 barrels a day by the end of January, adding that currently, its output cut exceeded 30,000 barrels per day.

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