Algeria and six other OPEC+ countries have decided to maintain their oil production levels for December 2026, following a virtual meeting of the Joint Ministerial Monitoring Committee. The decision was made amid global economic uncertainty and changing international energy market prospects. According to a statement from the Ministry of Hydrocarbons, the countries assessed current market conditions and short-term prospects, reaffirming their commitment to coordination to preserve international market stability.
The meeting, attended by ministers from Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman, and Russia, focused on examining the international oil market situation, analyzing its fundamentals, and evaluating future prospects. Participants discussed the impact of economic uncertainty and changes in the global energy environment on market balances. Algeria's production level remains set at 1.007 million barrels per day for December, as part of its voluntary production adjustment policy.
The decision reflects a common assessment by the seven countries of current market conditions and short-term prospects. It is part of efforts to contribute to market balance and stability through voluntary production adjustments. The countries emphasized the importance of regular evaluation of market conditions and fundamentals to adapt their decisions to changing circumstances.
The ministers reaffirmed their commitment to close coordination and maintaining permanent contacts to monitor international market developments. They stressed the need for a flexible approach in response to changes in global supply and demand, amid persistent uncertainty in the energy environment.
Algeria was represented at the meeting by Minister of State for Hydrocarbons Mohamed Arkab. The next joint ministerial monitoring committee meeting is scheduled for November 29, 2026, which will allow participants to reassess the market situation and consider potential measures in response to future developments.
The decision to maintain production levels demonstrates the willingness of the concerned countries to maintain continuous dialogue and a flexible approach in response to changes in global supply and demand. This coordinated effort aims to preserve international market stability amid ongoing uncertainty.
The seven countries have committed to ongoing cooperation and coordination to address evolving market conditions. Their approach will continue to be guided by a careful assessment of market fundamentals and prospects, with a view to ensuring stability and balance in the international oil market.
Key points
- Algeria and six OPEC+ countries have decided to maintain their oil production levels for December 2026.
- The decision reflects a common assessment of current market conditions and short-term prospects.
- The next joint ministerial monitoring committee meeting is scheduled for November 29, 2026.
