BY: Dr. Hana Saada
Algiers, Algeria | December 5th, 2024 — In a new decision aimed at sustaining the stability of global oil markets amidst ongoing economic uncertainties, OPEC+ member states have agreed to extend output cuts until the end of 2026. The announcement came during the 57th Joint Ministerial Monitoring Committee (JMMC) and the 38th Ministerial Meeting of OPEC and non-OPEC members, held via videoconference on Thursday. Algeria’s Minister of Energy and Mines, Mohamed Arkab, participated alongside key officials, including the CEO of Sonatrach and the President of ALNAFT.
A Coordinated Approach to Market Stability
Discussions at the meeting focused on the current dynamics of the oil market and its short- to medium-term outlook. In response to persistent volatility, OPEC+ leaders reinforced their collective strategy by extending the timeline for compensating overproduction to mid-2026. This decision underscores the coalition’s commitment to addressing supply excesses methodically.
In a parallel coordination meeting, eight nations with voluntary additional cuts, including Algeria, Saudi Arabia, the UAE, Iraq, Kazakhstan, Kuwait, Russia, and Oman, reaffirmed their determination to maintain a cumulative reduction of 2.2 million barrels per day (bpd) through the first quarter of 2025. From April 2025, a gradual increase in production will be implemented over 18 months, culminating in September 2026. Furthermore, the existing voluntary cut of 1.6 million bpd, established in April 2023, will remain in effect through 2026.
Minister Arkab: A Call for Vigilance Amid Fragile Economic Conditions
Minister Mohamed Arkab lauded these measures as “wise and responsible,” emphasizing their role in stabilizing oil prices and addressing the challenges posed by fluctuating demand. He pointed to a fragile global economy marked by sluggish growth in key regions, underwhelming performance in emerging markets, and the absence of a robust recovery in China.
“The global oil demand remains subdued, while commercial inventories continue to hover at high levels,” Arkab noted. Despite these hurdles, he stressed the importance of vigilance, stating, “OPEC+ will closely monitor market developments and remain in constant communication to adapt strategies when necessary.”
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