Algeria, Aligned With OPEC+, Extends Oil Production Cut To Support Market Stability

The Energy and Mines Ministry in Algeria announced on Sunday that the country will continue its current reduction of 48,000 barrels per day in oil production until late December 2024. This decision is part of Algeria’s collaboration with the Organization of the Petroleum Exporting Countries and its allies (OPEC+), aiming to help stabilize the global oil market. The ministry highlighted in a statement that the extension of this voluntary reduction is a coordinated precautionary measure taken along with other OPEC+ members. The agreement was made during a meeting in Vienna, Austria earlier on Sunday, where OPEC+ nations agreed to prolong their production cuts until December 2024. As a significant oil-producing country, Algeria’s decision signifies its commitment to OPEC+’s efforts to maintain a balance between global oil supply and demand.