Algeria To Cut Oil Production By Further 20,000Bpd In August - Energy Ministry

MOSCOW (Pakistan Point News / Sputnik - 04th July, 2023) Algeria has decided to voluntarily reduce its oil production by another 20,000 barrels per day in August, the Algerian Energy Ministry said on Monday.

"As part of the joint efforts of the OPEC+ countries and in support of additional cuts provided by the Kingdom of Saudi Arabia and the Russian Federation for the balance and stability of world oil markets, Algeria has decided to further reduce production by 20,000 barrels per day for the period from 1 to 31 August 2023," the ministry said in a statement.

The voluntary cut will be on top of 48,000 barrel reduction approved in April. Algeria's total oil production should amount to 940,000 barrels per day in August, according to the statement.

Earlier in the day, Saudi Arabia announced that it would extend July's voluntary cut in oil production by 1 million barrels per day to August. Russian Deputy Prime Minister Alexander Novak said that Russia would also voluntarily reduce oil exports by 500,000 barrels per day in August to ensure the balance of oil market.