Algeria officially starts reducing oil production

Algeria started reducing production by the 50,000 bpd upon OPEC’s November production deal.

The National Agency of Hydrocarbon Resources Valorisation gave an instruction to all the oil companies in Algeria to distribute the production reduction.

It also informed all foreign partners who operate in oil fields in Algeria to distribute the production reduction.  

OPEC decided to reduce production by 1.2 million barrels a day by January. This will lead to cap its total production at 32.5 million barrels per day.

Algeria’s energy minister Nourredine Bouterfa will attend the First World Future Energy Summit due to be held in Abu Dhabi on Thursday and Friday. 

“The Summit will deal with energy mutation geopolitics and energy market trends,” said the ministry in a release.

It added that Bouterfa will be a main speaker in a meeting about the globalization of gas markets and its geopolitical repercussions.

He will talk about gas sector development in Algeria, its capacities and expectations.

According to the same source, the participants in the Summit will discuss oil and gas market trends as well as economy diversification strategic elements.