Algeria to cut oil output by 12,000 bpd under new OPEC deal
OPEC member Algeria will reduce its crude oil output by 12,000 barrels a day to comply with a deal agreed by other producers with the aim of balancing the global oil market, Energy Minister Mohamed Arkab said.
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.
Source: Reuters (Reporting by Hamid Ould Ahmed. Editing by Jane Merriman)