Algeria has announced that its oil production will stay at 1.007 million barrels per day (mb/j) in December 2026, for the third consecutive month. This decision was made during a virtual meeting of the Ministerial Monitoring Committee of OPEP+, which comprises seven countries with voluntary adjustment capacities. The committee, which includes representatives from Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman, and Russia, discussed the current state of the global oil market and its prospects.
The meeting, which was attended by Algerian Minister of State and Minister of Hydrocarbons Mohamed Arkab, focused on assessing the current market conditions and evaluating its fundamentals. The discussions took place against a backdrop of global economic and energy uncertainties. The committee members reviewed the current situation and short-term prospects of the oil market, ultimately deciding to maintain their production levels unchanged for December 2026.
The OPEP+ countries have reaffirmed their commitment to close coordination and regular consultations to monitor the global oil market's evolution and assess its conditions. This move aims to ensure stability and predictability in the market. The next meeting of the Ministerial Monitoring Committee is scheduled for November 29, 2026.
Algeria's decision to maintain its oil production level is in line with the OPEP+ agreement. The country's oil production has been stable in recent months, and this decision is expected to contribute to the overall stability of the global oil market. The global oil market has been experiencing fluctuations due to various factors, including changes in demand and supply.
The OPEP+ countries have been working together to stabilize the global oil market and ensure a balance between supply and demand. The organization's efforts have been focused on maintaining a stable and sustainable oil market, which is crucial for the global economy. The decision to maintain production levels unchanged is seen as a positive step towards achieving this goal.
The global oil market has been impacted by various factors, including the COVID-19 pandemic and changes in global energy policies. The market has experienced significant fluctuations in recent years, and the OPEP+ countries have been working to mitigate these effects. The organization's efforts have been focused on ensuring a stable and sustainable oil market.
The decision to maintain Algeria's oil production at 1.007 million barrels per day is expected to have a positive impact on the country's economy. The oil sector is a significant contributor to Algeria's economy, and stable production levels are crucial for the country's economic growth. The government's efforts to maintain stability in the oil sector are seen as a positive step towards ensuring economic stability.
Key points
- Algeria's oil production will remain at 1.007 million barrels per day for the third consecutive month.
- The decision was made during a virtual meeting of the OPEP+ Ministerial Monitoring Committee.
- The next OPEP+ meeting is scheduled for November 29, 2026.
