Algeria to Reduce Oil Output as Part of OPEC Deal

Algeria to Reduce Oil Output as Part of OPEC Deal

Algeria has reduced its oil output by around 24,000 to 25,000 barrels per day (b/d) starting from January 1 according to The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC agreement, state-controlled news agency APS quoted an oil official saying, Zawya Reuters reported.

Before the agreement, Algeria’s output was reaching around 1.08 million b/d, Salah Mekmouche, Sonatrach upstream executive told reporters on January 13.

OPEC and its Russia-led allies (OPEC+) agreed to reduce oil production by around 1.2 million barrels per day (b/d) during a meeting in Vienna on December 6.

According to the agreement, OPEC would cut their production by 800,000 b/d from January 2019 while non-OPEC members would curb their production by 400,000 b/d.

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