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Algeria cuts crude oil output by 25,000 bbl/d under OPEC agreement

Under the OPEC and non-OPEC agreement to reduce global oil output, Algeria has decided to reduce its oil production by around 24,000 bbl/d - 25,000 bbl/d from the current 1.08 mb/d. According to the state-run oil and gas company Sonatrach, the country still has some spare production capacity and only reduced its production in order to respect the agreement's quota.



The last agreement between OPEC and non-OPEC oil producers took place in December 2018, when they decided to jointly reduce crude oil production by 1.2 mb/d, effective as of January 2019 for an initial period of six months, in an attempt to ease the global glut and strengthen low prices. Each country was attributed an output reduction quota and Algeria agreed to cut its output. Some other countries such as Iran were exempted.



Under the previous OPEC agreement which took place in December 2016, Algeria also committed to cut its oil production by 50,000 bbl/d to stand at 1.04 mb/d.

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