Algeria Raises Its Daily Oil Production By 2000 Barrels Per Day 

The volume of Algeria’s oil production reached last July between 808.000 and 809.000 barrels per day, an increase of between 1000 and 2000 barrels per day compared to last June, where daily production reached 807.000 barrels per day, which is one of the lowest levels reached by Algeria’s oil production since 2018, when it was estimated at 1.04 million barrels per day, the Organization of Petroleum Exporting Countries “OPEC” said.

The “OPEC” report for August said that global oil demand will decline further in 2020, due to the Covid-19 pandemic, adding that the recovery next year will face great uncertainty, which indicates growing adverse factors for the organization and its allies in supporting the market.

“The global oil demand will decrease by 9.06 million barrels per day this year, which is more than a decrease of 8.95 million barrels per day that was expected last month”, the report explained.

“Developments in crude and product prices in the second half of 2020 will continue to be affected by concerns about the second wave of Covid-19 infections and a rise in global stocks.”

Regarding its expectation on the global oil demand in 2021, OPEC kept it unchanged, indicating that it would rise by 7 million barrels per day, but said that this opinion is subject to a great ambiguity that may have a “negative impact on oil consumption.”

The American Petroleum Institute said on Tuesday that crude inventories fell by 4 million barrels last week, which is more than what analysts had expected for a decrease of 2.9 million barrels.