Algeria To Raise Oil Output By 1.057 Mln BPD In September
Algeria will raise oil output by 2000 barrels per day, which will allow it to reach a production level of 1.57 million barrels per day next September, the Minister of Energy and Mines, Mohamed Arkab, said.
The decision came, on Wednesday, during the 43rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 31st OPEC and non-OPEC Ministerial Meeting, held on August 3, 2022.
A statement by the Ministry of Energy said that Minister Arkab participated, on Wednesday, via videoconference, in the 43rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 31st OPEC and non-OPEC Ministerial Meeting.
The minister also participated in the work of the 31st OPEC and non-OPEC Ministerial Meeting, which includes 23 countries (13 OPEC countries and 10 non-OPEC members) that signed the declaration of cooperation.
After these meetings, the Minister of Energy and Mines announced that “during these meetings, which bring together every month, OPEC and its non-member partners, the signatories to the declaration of cooperation conformity, evaluated the current situation of the oil market and its short-term prospects, and agreed on joint action to ensure stability and balance in the market.”
The Minister confirmed that “Based on the work of the Technical Committee that met on Tuesday, we have noticed the uncertainties that are currently weighing on the fundamentals of the oil market. We have renewed our strong desire to work for the stability and balance of the global oil market by ensuring stable and regular supplies.”
“We have taken the decision that in September we will proceed with a total increase of 100,000 barrels per day in the production of OPEC and its partners after declaring cooperation, and we will review market conditions in our next meeting within a month and take appropriate decisions to maintain stability and achieve balance in the global oil market”, he added.
With this decision, Algerian oil output will increase by 2000 BPD to reach the level of 1,057 barrels per day next September.
It was also decided to hold the 32nd OPEC and non-OPEC Ministerial Meeting on 5 September 2022.
The 43rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 31st OPEC and non-OPEC Ministerial Meeting noted the dynamic and rapidly evolving oil market fundamentals, necessitating continuous assessment of market conditions.
According to OPEC; “The meetings emphasize the value and importance of maintaining consensus as essential to the cohesion of OPEC and participating non-OPEC oil-producing countries, and given the latest oil market fundamentals, the Participating Countries decided to:
-Reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed it in subsequent meetings including the 19th OPEC and non-OPEC Ministerial Meeting on 18 July 2021.
-Adjust upward the production level for OPEC and non-OPEC Participating Countries by 0.1 mb/d for September 2022 as per the attached table. This adjustment does not affect the baselines decided at the above-mentioned Meeting on 18 July 2021.
-Reiterate the critical importance of adhering to full conformity and the compensation mechanism. Compensation plans should be submitted following the statement of the 15th OPEC and non-OPEC Ministerial Meeting.
-Adjust upward the production level for OPEC and non-OPEC Participating Countries by 0.1 mb/d for September 2022 as per the attached table. This adjustment does not affect the baselines decided at the above-mentioned Meeting on 18 July 2021.
-Reiterate the critical importance of adhering to full conformity and the compensation mechanism. Compensation plans should be submitted following the statement of the 15th OPEC and non-OPEC Ministerial Meeting.
