Algeria will voluntarily reduce the amount of its oil production by 48,000 barrels per day, starting from next May, and until the end of 2023, in coordination with some countries participating in the OPEC + agreement, according to the Ministry of Energy and Mines, today, Sunday.
This voluntary cut is a precautionary measure that takes place in addition to the production cut agreed upon at the 33rd OPEC+ Ministerial Meeting on October 5, 2022.
Tomorrow, Monday, the Minister of Energy and Mines, Mohamed Arkab, will participate, via videoconference technology, in the forty-eighth meeting of the Joint Ministerial Monitoring Committee of OPEC and non-OPEC countries (JMMC).
This meeting will be devoted to studying the level of compliance with the voluntary production limit commitments of the countries of the Declaration of Cooperation for the months of January and February 2023.
The ministers responsible for oil in the monitoring committee will also have to assess the conditions and prospects for the short-term development of the global oil market.
As a reminder, the Joint Ministerial Monitoring Committee of OPEC and non-OPEC countries consists of: Algeria, Saudi Arabia, the United Arab Emirates, Russia, Iraq, Kazakhstan, Kuwait, Nigeria and Venezuela.
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