Algeria to raise oil output by 6,000 bpd in June

Alsharq Tribune-Otaify 

Algeria, a member of OPEC+, will increase its oil production by 6,000 barrels per day (bpd) in June, the Algerian Ministry of Hydrocarbons and Mines said Sunday.

The decision was made during a virtual meeting of the seven OPEC+ member countries -- Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman -- held following the withdrawal of the United Arab Emirates from the group.

Participating countries agreed to a collective production increase of around 188,000 bpd for June, as part of ongoing voluntary adjustments aimed at ensuring market stability and balance, according to the ministry.

Algerian Minister of Hydrocarbons and Mines Mohamed Arkab said that the decision reflects "encouraging" signs in the global oil market, supported by improved demand and a gradual economic recovery.

He noted that recent market fluctuations, partly driven by seasonal factors, are expected to ease in the coming weeks as consumption strengthens.

The OPEC+ countries reaffirmed their commitment to continued coordination and to acting in a "responsible and proactive manner" to support stability in the international oil market.