Today, Monday, the Minister of Energy and Mines, Mohamed Arkab, confirmed during the “OPEC” meeting that “despite the positive signals coming from China, market conditions require caution, and he announced Algeria’s decision to voluntarily reduce its production at a rate of 48 thousand barrels per day.
Arkab said, during his participation via videoconference technology, in the work of the forty-eighth meeting of the Joint Ministerial Monitoring Committee (GMMC) for OPEC and non-OPEC, which had to ensure compliance with the production limit commitments of the countries of the Declaration of Cooperation for the months of January and February 2023, that some countries OPEC and non-OPEC members, in the declaration of cooperation, decided pre-emptively and in order to ensure the stability of the oil market, to make a voluntary reduction in their production. In addition to what was agreed upon at the thirty-third ministerial meeting of OPEC and non-OPEC members on October 5, 2022. Adding that uncertainty about global economic growth leads to a slowdown in oil demand, and the oil market is being supplied very adequately, as commercial inventories have returned to their highest level in two years.
The minister also indicated, according to a statement by the Ministry of Energy and Mines, that “Algeria will voluntarily reduce its production, between May and December 2023, by an additional volume of 48 thousand barrels per day,” and the source revealed that the Joint Ministerial Monitoring Committee (GMMC) decided to meet on the fourth From next June, to examine compliance with production cut commitments by OPEC + countries and assess the international oil market situation.
The ministers responsible for oil in the Monitoring Committee discussed the recent developments observed in the international oil market and the prospects for its development in the short term.
As a reminder, the Joint Ministerial Monitoring Committee (GMMC) has been meeting regularly since January 2017 with the aim of ensuring the implementation of voluntary adjustments to the production of OPEC member countries and non-OPEC countries that are signatories to the Declaration of Cooperation.
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