In a strategic move, Algeria has decided to implement an additional voluntary reduction in its oil production by 51,000 barrels per day, starting from January 1, 2024, until the end of March 2024. According to a statement from the Ministry of Energy and Mines, this decision is part of efforts to support market stability in coordination with OPEC+ member countries. Algeria Voluntary Oil Production Reduction
The source further indicates that Algeria’s production will decrease to 908,000 barrels per day during the first three months of 2024. The statement emphasized that “these additional quantities from the reduction will be gradually reinstated, depending on market conditions.”
This measure adds to the previous voluntary cut of 48,000 barrels per day, which Algeria announced in April 2023 and is set to continue until the end of December 2024.
This additional voluntary reduction is in line with “the precautionary efforts made by OPEC+ countries to support the stability and balance of oil markets,” according to the same source.
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