ALGIERS- Algeria and seven other OPEC+ countries decided on Sunday to collectively increase their oil production by approximately 137,000 barrels per day as from October, the Ministry of Energy, Mines and Renewable Energies announced.

The decision was made during a ministerial videoconference involving the eight OPEC+ nations (Organization of Petroleum Exporting Countries and non-member allies) that implemented voluntary production cuts in April 2023: Algeria, Saudi Arabia, the UAE, Iraq, Kazakhstan, Kuwait, Oman, and Russia.

Following the meeting, attended by Energy Minister Mohamed Arkab, the eight countries agreed to an additional collective production increase of 137,000 b/d beginning in October. Algeria's share of this adjustment will be a 4,000 b/d increase.

The decision “reflects a cautious and balanced approach,” Arkab said in the statement.

“While the oil market still faces some uncertainties, global demand remains broadly strong but is expected to grow at a more moderate rate in the coming months,” he added.

For the minister, “this decision reflects the eight OPEC+ countries' commitment to acting responsibly and maintaining market stability, while keeping the flexibility needed to reassess our position if changing conditions warrant it.