Algerian Minister of State, Minster of Hydrocarbons and Mines, Mohamed Arkab, participated on Sunday via remote video conference in the coordination meeting of the eight OPEC+ countries, where ministers decided to initiate a collective production increase of 206,000 barrels per day during April.
For Algeria, this step translates into an increase of 6,000 barrels per day during the same month, the Algerian Ministry of Hydrocarbons and Mines said in a statement.
During this meeting, the ministers held in-depth and constructive consultations on the short-term outlook for the global oil market, in an economic environment that remains somewhat uncertain, yet shows encouraging signs of gradual improvement, the statement said.
The ministers noted that the current moderation in demand, mainly linked to seasonal factors, is expected to gradually ease, paving the way for a gradual recovery in consumption levels in the coming months, the source added.
At the conclusion of their proceedings, the participants reaffirmed their commitment to continue regular consultations and to act in a responsible, coordinated, and proactive manner, ensuring the stability and balance of the global oil market.
