The seven countries from the OPEC+ group agreed on Sunday to a collective increase in oil production of 188,000 barrels per day in June. For Algeria, this represents an increase of 6,000 barrels per day during the same period, the Algerian Ministry of Hydrocarbons said in a statement.
The agreement follows the coordination meeting of the seven countries within the framework of the Declaration of Cooperation (OPEC+) that are implementing voluntary production adjustments: Algeria, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman, and Russia.
Algerian Minister of State, Minister of Hydrocarbons, Mohamed Arkab, participated in the meeting, via videoconference, along with the President of the National Agency for the Valorization of Hydrocarbon Resources, Samir Bekhti, as well as the sector’s senior officials.
During the discussions, the ministers conducted a thorough and constructive assessment of the short-term outlook for the international oil market. In a global economic context moving toward gradual stabilization, they noted encouraging signs of recovery, supported by demand dynamics expected to strengthen further in the coming weeks, the statement said.
They also indicated that the recent slowdown, partly linked to seasonal factors, is likely to gradually give way to improved oil consumption, driven by strong underlying fundamentals, the source added.
In conclusion, the participants reaffirmed their commitment to maintaining close and ongoing consultations, as well as their determination to act in a responsible, coordinated, and proactive manner to support the positive evolution of the international oil market and preserve its stability.
