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Algeria is prepared to extend its decrease in oil production beyond March 31, in cooperation with other OPEC+ countries, to react to changes in the international market, as reported by the Ministry of Energy and Mines in a press release last Thursday, February 2, 2024.
“The Ministry is ready, beyond March 31, 2024, and in coordination with its associates in the Declaration of Cooperation (DoC), to persist in its supplementary efforts and to adopt further necessary measures should the oil market conditions warrant,” the press release stated.
Beginning January 1, 2024, Algeria willingly cut its production by an additional 51,000 barrels per day for an initial three-month period, fulfilling the commitment it made on November 30, 2023.
“This decision reflects Algeria’s ongoing commitment to the stability and equilibrium of the global oil market,” the Ministry stressed.
At the 52nd meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC and non-OPEC countries, Algerian Energy and Mines Minister, Mohamed Arkab, underscored the importance of monitoring global oil market trends closely. He pointed out the effect of global economic growth, the deceleration in industrialized economies, and the moderate recovery in emerging markets on oil demand, notwithstanding the ample supply.
The decisions made during the November 30 meeting are designed to smooth out market volatility by altering the production levels of OPEC+ members, thereby ensuring the balance and stability of oil prices.
Likewise, committee members examined compliance with the production cut commitments for December 2023 as part of the ongoing efforts to stabilize the oil market.
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