Oil Market Stability Backed by OPEC+ Quota Maintenance
Algeria, alongside six other member nations of the OPEC+ alliance, has announced its decision to maintain current oil production levels for the month of November. This collective move, communicated via a statement from the Ministry of Hydrocarbons, aims to contribute to the stability of the international oil market in response to recent global developments.
The decision emerged from a ministerial meeting, held by videoconference on Sunday, which brought together the seven OPEC+ countries that have previously undertaken voluntary production adjustments. Mohamed Arkab, Minister of State and Minister of Hydrocarbons, represented Algeria at this crucial gathering, participating alongside his counterparts from Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman, and Russia. Under this agreement, Algeria's specific oil production target will remain at 1.007 million barrels per day for November.
In addition to the production level discussions, Minister Arkab also attended the 68th meeting of the Joint Ministerial Monitoring Committee (JMMC). This committee, comprising representatives from Algeria, Saudi Arabia, Iraq, Kuwait, Nigeria, Venezuela, Kazakhstan, and Russia, focused on evaluating the compliance of participating OPEC+ countries with their voluntary production commitments during July and August 2026. The JMMC underscored the efforts made by member states to fulfill their pledges, reaffirming that consistent and rigorous adherence to collective decisions is fundamental to fostering cooperation and upholding the stability of the international oil market.
