Oil production in Algeria fell during the month of March, on a monthly basis, after a slight increase that lasted for two consecutive months.
The monthly report released by the Organization of the Petroleum Exporting Countries (OPEC) showed oil production in Algeria fell to 1.013 million barrels per day in March, from 1.017 million barrels per day in February and 1.016 million barrels per day in January 2023.
At the beginning of April, 9 countries of the OPEC + alliance announced an additional voluntary reduction in oil production to support market stability, with a total of 1.657 million barrels per day, during the period from next May until end of 2023.
Algeria was among the countries that approved the voluntary cuts, as the country decided to voluntarily cut its oil production by 48,000 barrels per day.
As a result, oil production quotas for OPEC countries saw a change, including Algeria, as its share decreased to 959 thousand barrels per day from 1.007 million barrels per day, according to the policy. of production previously approved by the coalition, starting in November 2022.
The OPEC+ alliance had approved an oil production cut of two million barrels per day, from November 2022 until December 2023.
The monthly report also showed a drop in total OPEC oil production during the month of March to 28.797 million barrels per day, from 28.883 million barrels per day in February 2023.
Production from 9 OPEC countries has seen a decline in the past month, led by Angola, whose oil production fell to 1.007 million barrels per day, Iraq’s production fell to 4.358 million barrels per day and supplies from Nigeria fell to 1.354 million barrels per day.
