New OPEC Deal Algeria Oil to Reduce by 12,000 BPD
Explainers, FINANCE AND INVESTMENT, Profiles

New OPEC Deal: Algeria Oil Output to Reduce by 12,000 BPD

Under the new OPEC deal, Algeria will reduce its crude oil output by 12,000 barrels per day according to an earlier agreement with other producers.

The deal which was done with the aim of balancing the global oil market, and making the sector more attractive to foreign oil investors.

Reuters in a report quoted the Energy Minister Mohamed Arkab in his announcement.

OPEC and non-OPEC producers led by Russia last week agreed a new deal to cut production that includes an extra 500,000 barrels a day.

“Algeria’s additional output cut is 12,000. I think it will not affect our contracts and exports,” Arkab told a state radio broadcast.

Algeria currently produces an estimated 1 million barrels per day but growth in domestic demand has hit overall energy earnings.

The North African country has approved a new energy law to make the sector more attractive to foreign oil investors.

“The law is aimed at finding profitable partnerships,” Arkab said.

BUSINESS REPORT: Nigeria’s Oil Output Rises To Three Year High

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