Algeria extends oil output cut in line with OPEC+ decision-Xinhua

Algeria extends oil output cut in line with OPEC+ decision

Source: Xinhua

Editor: huaxia

2023-06-05 10:06:15

ALGIERS, June 5 (Xinhua) -- Algeria will maintain the current reduction of 48,000 barrels per day in oil production until late December 2024, said the Ministry of Energy and Mines on Sunday.

This decision comes as part of the country's collaboration with the Organization of the Petroleum Exporting Countries and its allies (OPEC+).

In a statement, the ministry said that the voluntary reduction extension is a precautionary measure taken in coordination with OPEC+ members and aims to support the stability of the global oil market.

Following a meeting earlier on Sunday in Vienna, Austria, OPEC+ members agreed to extend their production cuts until December 2024.

The move demonstrates the commitment of OPEC+ countries, including Algeria, to achieve a balance between oil supply and demand.