ALGIERS – Algeria cut its oil output by nearly 25,000 barrels per day from 1st January 2019 as part of the OPEC-non-OPEC agreement signed last December, said Monday Sonatrach’s vice-president for exploration and production Salah Mekmouche.
As a reminder, OPEC and non-OPEC oil producing countries reached an agreement last December in Vienna, which provides for a collective cut in crude oil production of 1.2 million barrels per day from January 2019 for an initial period of six (6) months.
Under the agreement, OPEC countries must reduce their production by 800,000 barrels per day against 400,000 barrels per day for non-OPEC producing countries.
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