Algeria will produce 1.007 million barrels of oil per day, starting from next November

Algeria announced that its oil production will reach 1.007 million barrels per day as of next November, according to a statement by the Algerian Ministry of Energy and Mines, in implementation of the decision of the OPEC + countries taken on Wednesday, during its 33rd ministerial meeting held in the Austrian capital Vienna.

Algeria announced that its oil production will reach 1.007 million barrels per day as of next November, according to a statement by the Algerian Ministry of Energy and Mines on Wednesday evening.

This level of production comes in implementation of the decision of the OPEC + countries taken on Wednesday, during its 33rd ministerial meeting held in the Austrian capital Vienna.

With this decision, "Algeria's production level will be 1,007 million barrels per day."

During the 33rd ministerial meeting, participants touched on the current situation of the oil market, its short-term outlook and commitment to August production levels by OPEC+ member countries.

In this regard, the ministry said, "It has been noted for several weeks that the oil market conditions are deteriorating faster than expected, despite the continuous efforts of the OPEC countries and its partners to announce cooperation to maintain its stability and balance."

It was also noted that "the global economy continued for a long period of low growth and high inflation. The global demand for oil shows worrying signs of slowing down as global oil supplies are more than sufficient," according to the statement.