ALGIERS- The Organization of Petroleum Exporting Countries Opec+ oil alliance decided, on Thursday, to increase output gradually as of May, announced the Minister of Energy and Mines Mohamed Arkab.
Speaking at the end of the 15th ministerial meeting of OPEC + countries, which took place by videoconference, the minister specified that “the participants agreed to gradually modify the level of production during the months of May , June and July, with the production to be increased for a quantity not exceeding 500,000 barrels / day per month “.
On this basis, the volume of the drop will be reduced to 6.5 million barrels / day in May, then 6.2 million barrels / day in June and 5.7 million barrels / day in July.
These decisions come within the framework of the conclusions of the 28th meeting of the Joint Ministerial Monitoring Committee Opec and non-Opec (JMMC), which was held on Wednesday. The minister underlined that the 28th meeting of the Committee had “fruitful debates” assessing the progress of anti-Covid19 vaccination operations and its fallout on oil marketout.
Regarding the share of production set by Algeria, Mr. Arkab said that the modification will allow a slight increase in Algerian output of 11,000 barrels / day in May and June and 14,000 barrels / day in July.