Algeria to Increase Oil Production Amid 'Encouraging' Market Signals: Media
22:18 03.05.2026 (Updated: 22:38 03.05.2026)
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Algeria to Increase Oil Production Amid 'Encouraging' Market Signals: Media
Algeria, a member of OPEC+, will increase its oil production by 6,000 barrels per day (bpd) in June, media reported, citing the Algerian Ministry of Hydrocarbons and Mines.
The decision was made during a virtual meeting of the seven OPEC+ member countries — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — held following the withdrawal of the United Arab Emirates from the group.
Participating countries agreed to a collective production increase of around 188,000 bpd for June, as part of ongoing voluntary adjustments aimed at ensuring market stability and balance, according to the media.
Algerian Minister of Hydrocarbons and Mines Mohamed Arkab reportedly said that the decision reflects "encouraging" signs in the global oil market, supported by improved demand and a gradual economic recovery.
He noted that recent market fluctuations, partly driven by seasonal factors, are expected to ease in the coming weeks as consumption strengthens.
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Algeria, a member of OPEC+, will increase its oil production by 6,000 barrels per day (bpd) in June, media reported, citing the Algerian Ministry of Hydrocarbons and Mines.
The decision was made during a virtual meeting of the seven OPEC+ member countries — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — held following the withdrawal of the United Arab Emirates from the group.
Participating countries agreed to a collective production increase of around 188,000 bpd for June, as part of ongoing voluntary adjustments aimed at ensuring market stability and balance, according to the media.
Algerian Minister of Hydrocarbons and Mines Mohamed Arkab reportedly said that the decision reflects "encouraging" signs in the global oil market, supported by improved demand and a gradual economic recovery.
He noted that recent market fluctuations, partly driven by seasonal factors, are expected to ease in the coming weeks as consumption strengthens.
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Sputnik Africa | X
