OPEC+: Algeria, seven other countries announce gradual return of voluntary reductions

OPEC+: Algeria, seven other countries announce gradual return of voluntary reductions

ALGIERS — Algeria and seven other countries of the "OPEC+" alliance decided, on Monday, to proceed with a gradual return, starting from April 1st, of their voluntary reductions in oil production, according to a statement from the Ministry of Energy, Mines, and Renewable Energy.

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This decision was made during a ministerial meeting held by videoconference, bringing together the eight OPEC+ member countries (Organization of Petroleum Exporting Countries and their non-member allies), which are implementing voluntary reductions in their oil production, namely: Algeria, Saudi Arabia, the United Arab Emirates, Iraq, Kazakhstan, Kuwait, Oman and Russia.

Following his participation in the meeting, the Minister of State, Minister of Energy, Mines, and Renewable Energy, Mohamed Arkab, emphasized that “this decision reflects the commitment of the eight OPEC+ countries to adopt a responsible approach to ensure the stability of the international oil market.”

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