Algeria announces voluntary oil output cut

By: Hana Saada

ALGIERS- Algeria will voluntarily reduce its oil output by 48,000 barrels per day from May until the end of 2023 in coordination with other members of the oil producers’ alliance, announced a press release from the Ministry of Energy and Mines.

This voluntary cut, explained Mr. Arkab’s ministerial department, was  a precautionary measure aimed at supporting the stability of the oil market, added to that agreed at the 33rd OPEC and non-OPEC ministerial meeting on October 5, 2022″.

For its part, Saudi Arabia will voluntarily reduce its oil production by 500,000 barrels per day, while Russia would extend a voluntary cut of 500,000 bpd. The UAE, Kuwait, Iraq, and Oman said they would voluntarily cut output over the same time period.

The UAE said it would cut production by 144,000 bpd, Kuwait announced a cut of 128,000 bpd while Iraq said it would cut output by 211,000 bpd and Oman announced a cut of 40,000 bpd.