Algeria Plans June Oil Production Hike

(MENAFN) Algeria has announced a 6,000-barrel-per-day production hike for June, as the OPEC+ alliance collectively moves to raise output amid improving global demand signals, the Algerian Ministry of Hydrocarbons and Mines confirmed on Sunday.

The decision emerged from a virtual summit convening seven of the alliance's key producers — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman — convened in the wake of the United Arab Emirates' departure from the group.

Across all participating nations, the coordinated output increase amounts to roughly 188,000 bpd for June, framed as part of a broader series of voluntary production adjustments intended to preserve equilibrium and stability in global oil markets, the ministry stated.

Algerian Minister of Hydrocarbons and Mines Mohamed Arkab characterized the move as a response to brightening market conditions, citing strengthening demand and a steadily advancing global economic recovery as factors he described as "encouraging."

Arkab further noted that recent volatility in oil markets — attributable in part to seasonal fluctuations — is widely expected to subside in the weeks ahead as energy consumption picks up pace.

Closing the summit on a unified note, OPEC+ members reaffirmed their collective pledge to ongoing cooperation, vowing to act in a "responsible and proactive manner" in order to underpin long-term stability across international oil markets.

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