Algeria has decided to proceed with a further production cut of 20,000 barrels per day (bpd) for the period of 1-31 August 2023, for the balance and stability of the global oil markets, the ministry of Energy and Mines said Monday in a statement.
“As part of the joint efforts of OPEC+ countries and in support of the supplementary reductions provided by the Kingdom of Saudi Arabia and the Russian Federation for the balance and stability of global oil markets, Algeria has decided to proceed with a further production cut of 20 000 bpd for the period of the 1-31 August 2023,” the statement said.
“This additional production reduction comes on top of the voluntary one of 48 000 bpd decided on late April 2023,” the statement said.
“This will bring Algeria’s overall oil production for the month of August 2023 to 940 000 bpd,” the ministry said in the statement.
Source: Algeria Press Service