ALGIERS – Thursday, 07 December 2023 (APS) – Algeria’s Minister of Energy and Mines, Mohamed Arkab, spoke on Wednesday in Algiers of the possibility of extending Algeria’s voluntary additional crude oil production cut beyond March 2024, “if necessary”, to mitigate volatility on the international market.

“OPEC and its Cooperation Declaration partners are extremely heedful of the evolution of the oil market in the short term. If need be, they may prolong voluntary additional crude oil production cut beyond the first quarter of 2024,” said Arkab quoted in a communiqué from the Ministry of Energy and Mines.

“Similarly, additional measures could be considered if they prove necessary to ensure lasting stabilization of the oil market,” he stated.

Last Thursday, Algeria voluntarily reduced its crude oil production by a further 51,000 barrels per day between January 1 and March 31, 2024.

“This preventive measure was taken in consultation with several OPEC+ members to realign the international oil market with its intrinsic fundamentals rather than subjecting it to the irrational fluctuations of speculators, responsible for the increased volatility and instability observed,” said the minister.

In this regard, Arkab stated that all the necessary measures with the Hydrocarbons Development Agency (ALNAFT), the national hydrocarbon company Sonatrach and its partners.

We want to ensure, through these actions, that Algeria fully meets its commitment to voluntarily reduce its production throughout the first quarter of next year, the same source said.