OPEC+: Algeria, Seven Countries Adjust Oil Production for Market Stability
Eight OPEC+ countries, including Algeria, have decided to adjust their oil production by increasing it by 411,000 barrels per day starting in May, as stated in a press release from the Algerian Ministry of Energy and Mines issued on Thursday.
This decision was reached during a virtual meeting attended by the Algerian Minister of State, Minister of Energy, Mines, and Renewable Energies, Mohamed Arkab, along with representatives from the eight OPEC+ countries that have been implementing voluntary production adjustments since April 2023: Algeria, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, and Oman.
According to the statement, “the ministers discussed the current state of the global oil market and its future prospects.”
In light of the positive market outlook and in accordance with decisions made on December 5, 2024, which were reaffirmed on March 3, 2025, the participating countries agreed on a production adjustment of 411,000 barrels per day for May 2025.
The statement emphasized that “this gradual and flexible increase may be suspended or adjusted depending on market developments to ensure ongoing support for market stability.” The concerned countries also reaffirmed their commitment to offset any excess production since January 2024.
At the conclusion of the meeting, the ministers from the eight OPEC+ countries agreed to hold monthly meetings to monitor the evolution of the oil market and review compliance with agreements and compensations. The next meeting is scheduled for May 5, during which production levels for June 2025 will be determined.
