Algeria to increase oil output by 9,000 bpd from July

ALGIERS, May 31 (Xinhua) -- Algeria will increase its crude oil production by an additional 9,000 barrels per day (bpd) starting in July, the Energy Ministry announced in a statement on Saturday.

The increase aims to meet rising global demand for crude oil and petroleum products, particularly during the peak summer season, the ministry noted, adding that the production hike will help optimize output from newly developed oil fields, ensuring more efficient utilization of national resources.

The decision follows Energy Minister Mohamed Arkab's participation in a virtual OPEC+ ministerial meeting, which included representatives from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.

During the meeting, the eight member countries agreed to a collective production increase of 411,000 bpd for July, citing anticipated seasonal demand growth.

The next OPEC+ meeting is scheduled for July 6, where ministers will continue monthly consultations to assess market conditions, compliance with production commitments, and compensation efforts. Enditem