OPEC+: Algeria decides an additional voluntary cut of 51 thousand barrels per day during the first quarter of 2024

Algiers – Algeria decided to make voluntary additional cuts of 51 thousand barrels per day, starting from January 1, 2024 until the end of next March, as part of the efforts aimed at supporting market stability in coordination with the member states of the “OPEC +” group, according to a Statement by the Ministry of Energy and Mines.

Accordingly, Algeria’s production will move to 908 thousand barrels per day during the first three months of 2024, according to the statement, which highlighted that “these additional quantities of reduction will be restored gradually, according to market conditions.”

This measure is in addition to the previous voluntary cut of 48 thousand barrels per day, which Algeria announced in April 2023, and which is extended until the end of December 2024.

This additional voluntary cut falls within the framework of “strengthening the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets,” according to the same source.

APS