OPEC+ decides to increase production by 432,000 bpd in June

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ALGIERS-The 28th OPEC and non-OPEC Ministerial Meeting, held Thursday, decided to increase oil production by 432,000 barrels per day in June.

The 23 OPEC+ countries (13 OPEC members and 10 non-member producing countries) have, thus, opted to maintain their gradual production increase plan decided in July 2021.

For Algeria, the Minister of Energy and Mines, Mohamed Arkab, said that oil output for the country will increase to reach 11,000 barrels per day (bpd) in June, in line with the decision of the 28th OPEC-non OPEC ministerial meeting.

Speaking at the meeting, Mr Arkab said that this decision had been taken by the participating countries following consultation of the technical committee’s expert reports. “These reports have highlighted that supplies and market fundamentals are strong, despite some indicators on economic growth raising doubts,” he said.

Algerian oil output will increase from 1,013,000 barrels/day in May to about 1,024,000 barrels/day in June.

The next OPEC+ ministerial meeting will be held on June 2, according to the final communiqué.

Thursday’s meeting was held by videoconference, with the participation of the Minister of Energy and Mines, Mohamed Arkab.

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