ALGIERS – Thursday, 30 November 2023 (APS) – Algeria has decided to apply an additional voluntary reduction of 51,000 barrels/day from January 1, 2024, until the end of March, as part of its efforts to support market stability in coordination with the member countries of the OPEC+ Group, according to a press release from the Ministry of Energy and Mines on Thursday.
Algeria’s production will soar to 908,000 barrels/day during the first quarter of 2024, according to the release, which stressed that these additional reduction quantities “will be progressively restored according to the market situation.”
This decision comes after a previous voluntary reduction of 48,000 barrels/day announced by Algeria in April 2023, and in force until the end of December 2024.
This additional voluntary reduction is part of “OPEC’s precautionary efforts to support the stability and balance of oil markets”, according to the same source.