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Algeria Plans Increase in Oil Production for June
(MENAFN) Algeria is set to raise its oil output by 6,000 barrels per day in June as part of coordinated production adjustments among OPEC+ members, according to reports citing the country’s Ministry of Hydrocarbons and Mines.
The decision was reached during a virtual meeting involving seven participating OPEC+ countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, following the UAE’s withdrawal from the group.
Collectively, the countries agreed to increase production by around 188,000 barrels per day in June, as part of ongoing voluntary measures designed to maintain balance and stability in global oil markets.
Algerian Minister of Hydrocarbons and Mines Mohamed Arkab said the move reflects positive signals in the global energy market, supported by improving demand conditions and a gradual economic recovery.
He added that recent price fluctuations, influenced in part by seasonal trends, are expected to stabilize in the coming weeks as consumption increases.
OPEC+ members also reiterated their commitment to continued coordination, emphasizing the need for responsible and proactive action to support stability in the international oil market.
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