Algeria Voluntarily Reduces Oil Production to Fulfill OPEC+ Commitments

BY: Hana Saada

Algiers, February 1, 2024 – In adherence to its commitment to the OPEC+ alliance, Algeria has voluntarily implemented an additional reduction in its crude oil production by 51,000 barrels per day. This decision, effective from January 1, 2024, for a three-month period, was announced by the Minister of Energy and Mines, Mohamed Arkab, during his virtual participation in the 52nd meeting of the Joint Ministerial Monitoring Committee (JMMC).

Minister Arkab emphasized that the collective and individual decisions made on November 30, 2023, to adjust OPEC+ member countries’ production throughout the current year, aim to mitigate imbalances between supply and demand, ultimately seeking to achieve equilibrium and stability in the oil market.

In a statement released by the ministry, the meeting provided a platform for ministers to discuss the current global oil market situation and its short-term prospects. Additionally, it served as an opportunity to assess the adherence to production limitations set by OPEC+ countries for December 2023.

At the conclusion of the meeting, Mohamed Arkab reassured that OPEC+ members are diligently and consistently monitoring the international oil market’s evolution, considering the uncertainties impacting its fundamentals. He highlighted the risks associated with global economic growth, including the slowdown in industrialized nations’ activities and the modest rebound in emerging economies, which could potentially affect oil demand despite a widely available supply in the market.

Algeria’s proactive approach in voluntarily reducing its oil production underscores its commitment to maintaining market stability and aligning with OPEC+ strategies. The minister’s announcement reflects the alliance’s ongoing efforts to navigate the complexities of the global oil landscape while adapting to dynamic economic conditions.

Dzair Tube Media Group

Dzair Tube has firmly established itself as a prominent player among Algerian digital news sites, offering a diverse and enriching content experience. The platform, available in Arabic, French, and English editions, captures the attention of a wide-ranging audience, amassing over half a million daily clicks.

A testament to its commitment to excellence, Dzair Tube received the prestigious President of the Republic’s Award for Professional Journalist in the Electronic Press category on October 22, 2022. This recognition underscores the platform’s unwavering dedication to upholding the highest standards of journalism.

With a significant online presence, Dzair Tube boasts 350,000 subscribers on YouTube, over five million followers on various Facebook pages, and 450,000 subscribers on Instagram. Its digital channel has become a hub for diverse programming, covering news, sports, entertainment, culture, and religion, catering to a broad spectrum of audience preferences.

Equipped with state-of-the-art studios and advanced technology, Dzair Tube’s digital channel has garnered substantial viewership for its varied programs. Hosting interactive discussions with influential figures across different domains, the platform actively fosters public discourse and engagement. Beyond news coverage, Dzair Tube extends its commitment to the production of marketing documentaries, short TV commercials, and high-viewership programs.

The success of the print edition of Dzair Tube’s sports newspaper, “Dzair Sport,” further highlights the platform’s impact, with over 50,000 daily downloads from the official Dzair Tube website.

Recently honored with the Media Leadership Award from the Minister of Communication, Mohamed Laâgab, Dzair Tube continues to shape the landscape of Algerian digital news, maintaining a position of influence and impact in the media industry.