The Minister of Energy and Mines reveals Algeria’s oil production increase within the framework of OPEC+. TMT tells you more in the edition of this Thursday, August 4, 2022.
Indeed, the Minister of Energy and Mines, Mohamed Arkab, revealed that the OPEC+ alliance had decided to increase the total oil production of member countries, including Algeria. Namely, 100,000 barrels per day during the month of September. This is what the Ministry of Energy and Mines posted on its Facebook page.
In addition, Arkab took part, this Wednesday, by videoconference, in the work of the forty-third meeting of the Joint Ministerial Monitoring Committee (JMMC). In detail, the latter was devoted to the study of the situation of the international oil market. As well as the prospects for its development in the short term.
In addition to assessing the level of compliance with commitments related to the production of the countries for the month of June 2022. In addition, the Minister also participated in the work of the thirty-first OPEC and non-OPEC ministerial meeting. The latter brings together 23 countries, including 13 OPEC countries and 10 non-OPEC.
Oil: the goal of the OPEC+ meeting
At the end of these meetings, the Minister affirms that these monthly meetings are intended to ensure the stability and balance of the oil market. Arkab pointed out that the meeting was based on the uncertainties currently weighing on the fundamentals of the oil market. According to him, these risks could hamper the expected recovery in global oil demand.
This over the next few weeks. As well as creating more volatility in the markets. “We have renewed our firm will to work for the stability and balance of the world oil market. While ensuring stable and regular supplies,” adds the same manager.
At the end of the discussions, it was decided that in September, OPEC and its partners plan a total increase of 100,000 barrels per day. For this, Algerian production will increase by 2,000 barrels per day. And this, to reach a daily total of one million and 57 thousand barrels. Finally, Arkab claims that the next ministerial meeting of OPEC and non-OPEC countries will be held on September 05, 2022.
