Algeria Voluntarily Cut Oil Production in August
Algeria decided in August to voluntarily cut its oil production by another 20,000 bpd, on top of a 48,000 bpd cut that began in May, the country’s energy ministry said.
“As part of the joint efforts of the OPEC+ countries and in support of additional cuts envisaged by the Kingdom of Saudi Arabia and the Russian Federation for the balance and stability of world oil markets, Algeria has decided to further reduce production by 20,000 barrels per day for the period from 1 to 31 August 2023 year,” the statement said.
It is specified that the announced reduction in production will complement the voluntary cut of 48 thousand barrels per day, adopted at the end of April 2023.
Thus, the total oil production in Algeria in August should be 940,000 barrels per day, the ministry concludes.
Earlier Monday, Saudi Arabia announced it was extending a voluntary 1 million bpd production cut that began in July into August. A little later, Deputy Prime Minister of the Russian Federation Alexander Novak announced that Russia would reduce oil exports in August by 500,000 barrels per day.
