Algerian Minister of State, Minister of Energy, Mines, and Renewable Energies, Mohamed Arkab, participated on Sunday via remote video conference in a ministerial meeting involving eight countries from the OPEC+ group, which is implementing voluntary adjustments to its crude oil production, the Algerian Ministry of Energy said in a statement.
The meeting was attended by oil ministers and representatives from Saudi Arabia, the United Arab Emirates, Iraq, Kazakhstan, Kuwait, the Sultanate of Oman, and Russia.
The meeting agenda focused on reviewing the current state of the global oil market and its short-term outlook, as well as monitoring compliance with the voluntary production cut commitments, including mechanisms for compensating any excess production, the statement said.
At the conclusion of the meeting, the ministers collectively decided to increase the monthly production of the eight OPEC+ countries by 137,000 barrels per day, starting in October 2025. For Algeria, this adjustment will translate into an increase of 4,000 barrels per day beginning that same month, the source added.
In this context, Minister Arkab noted that “the decision made by the group of eight OPEC+ countries reflects a cautious and balanced approach.” He pointed out that “despite the continued presence of some uncertainties in the oil market, global demand remains generally supported, although it is expected to grow at a more moderate pace in the coming months.”
“This decision demonstrates the group’s commitment to acting responsibly and maintaining market stability, while retaining the necessary flexibility to reassess the situation if circumstances require,” Arkab added.
The ministers also reaffirmed their commitment to maintaining close coordination through regular monthly meetings, aiming to monitor market developments, ensure compliance with commitments, and implement the agreed-upon compensatory measures, according to the statement.