Algeria’s Minister of State for Hydrocarbons, Mohamed Arkab, participated Sunday via video conference in the high-level coordination meeting of the OPEC+ group of seven nations, which implements voluntary production adjustments. The meeting brought together Algeria, Saudi Arabia, Iraq, Kazakhstan, Kuwait, the Sultanate of Oman, and Russia, with the head of the National Hydrocarbons Valuation Agency, Samir Bekhti, also in attendance alongside senior sector officials.
According to exclusive information obtained by dzwatch, ministers conducted an in-depth assessment of short-term oil market outlooks, noting encouraging recovery indicators backed by strong demand dynamics expected to gain further momentum in the coming weeks.
At the close of deliberations, ministers agreed on a collective production increase of 188,000 barrels per day for June, with Algeria holding its proportional share of the output hike. The decision comes amid a global economic environment trending toward gradual stabilization, with recent market sluggishness partly attributed to seasonal factors expected to ease progressively as overall oil consumption strengthens.
