Introduction

On Monday, the Algerian Energy Ministry announced a 20,000 bpd voluntary cut in oil production in support of efforts by Russia and Saudi Arabia to stabilize markets.

Details of the Announcement

The Algerian Energy Ministry said in a statement: “As part of the joint efforts of the OPEC+ countries and in support of two additional production cuts initiated by the Kingdom of Saudi Arabia and Russia to maintain stability and the balance of the oil market, Algeria has decided to cut production by 20 thousand barrels per day in the period from 1 to 31 August.”

The ministry added that the cut is in addition to the 48,000 bpd voluntary cut that was enacted for April 2023.

The Ministry of Energy has confirmed that Algeria’s August 2023 production will stabilize at around 940,000 bpd.

Source: Algerian media.