Reinforcing Stability in Global Oil Markets Amid Extended Reductions
Algeria, along with seven other OPEC+ countries, has announced the extension of their voluntary production cuts through the end of December, as confirmed in a statement from Algeria’s Ministry of Energy and Mines on Sunday.
The eight participating nations—Algeria, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, and Oman—had initially implemented these additional voluntary cuts in April and November of 2023. These adjustments were made in addition to the regular quotas set under the OPEC+ framework, aiming to stabilize the global oil market. Initially planned to last until the end of November, the cuts will now continue through December.
The total reduction in output from these voluntary cuts stands at approximately 2.2 million barrels per day, underscoring the group’s commitment to managing global supply in line with market demands.
Moreover, the coalition reaffirmed its dedication to full compliance with the OPEC+ Declaration of Cooperation, which includes ongoing voluntary production adjustments. The group also committed to maintaining oversight of these reductions through the Joint Ministerial Monitoring Committee (JMMC), which last convened for its 53rd session on April 3, 2024, to assess and uphold adherence to the agreed-upon production strategies.
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Author: nor-eleslam
Algeria OPEC+ voluntary production cuts
