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April 3, 2023 | 2 years ago

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Oil Market: Arkab Calls for Caution

Oussama Khitouche
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“Despite positive signals from the Chinese market, oil market conditions need to be more cautious. The lack of meticulous analysis of global economic growth has led to a slowdown in oil demand, especially with strategic and commercial inventories at their highest level in 02 years,” Arkab said in a statement reported from the Ministry of Energy.

Mr. Arkab said Algeria has joined several major oil exporters in agreeing to a reduction in crude oil production.

“Algeria will soon reduce its oil production quota by 48,000 barrels/day. This voluntary reduction is a preventive measure in addition to the production reduction agreed at the 33rd OPEC and non-OPEC Ministerial Meeting on October 5, 2022," said the Minister.

A further meeting of the ministerial follow-up committee on OPEC and non-OPEC (JMMC) is scheduled for June 04, a ministry statement said.


April 4, 2023 | algeria-logo

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