Algeria's oil production in November will be 1.007 million barrels per day, the statement released Wednesday by the Algerian Ministry of Energy and Mining, following a ministerial meeting of OPEC+ countries in Vienna, reads.
In October, the rate is 1.055 million barrels per day.
The meeting was attended by Algerian Energy and Mining Minister Mohamed Arkab. Algeria is an OPEC member and one of the largest oil exporters in Africa and the Arab world.
OPEC+ countries agreed at their first face-to-face meeting in Vienna since March 2020 to cut production by 2 million bpd starting in November and extended the deal through the end of 2023. The OPEC+ deal quotas as of August 2022 will be taken as the basis for the oil production cuts. The communiqué published after the meeting notes that the decision to reduce production was taken in view of the uncertainties both in the global economy and in the oil market.
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Based on materials from TASS