Algiers – Algeria and seven other countries from the OPEC+ group decided today, Monday, to gradually ease their voluntary oil production cuts starting from April 1, 2025, according to a statement from the Ministry of Energy, Mines, and Renewable Energies.
This decision was agreed upon during a virtual ministerial meeting attended by the eight OPEC+ countries (Organization of the Petroleum Exporting Countries and their allies outside the organization) that have been applying voluntary production cuts: Algeria, Saudi Arabia, the UAE, Iraq, Kazakhstan, Kuwait, Oman, and Russia.
Following his participation in the meeting, Minister of State, Minister of Energy, Mines, and Renewable Energies, Mr. Mohamed Arkab, stated that “this decision reflects the commitment of the eight OPEC+ countries to adopting a responsible approach aimed at ensuring the stability of the global oil market.”
He also emphasized that “this decision comes as part of the ongoing efforts by OPEC+ to achieve sustainable balance in the market, ensuring the protection of interests for both producers and consumers.”
The decision was made following a comprehensive assessment of the current status of the oil market and its expected evolution over the coming months, as stated in the ministry’s statement.
In a separate statement on its website, OPEC confirmed that the eight countries, considering the healthy fundamentals of the market and positive forecasts, decided to proceed with the gradual and flexible easing of the voluntary cuts of 2.2 million barrels per day starting from April 1, 2025.
The statement highlighted that the eight countries emphasized the need to “maintain flexibility to adapt to changing conditions,” allowing them to pause or reverse this gradual increase if market conditions warrant.
According to data provided in OPEC’s statement, Algeria’s production is expected to increase to 911,000 barrels per day in April, gradually rising to reach 1.007 million barrels per day by the end of 2026.
Article written by Nor Eleslam for dzwatch.dz.
