Africa: Arkab – Consultations With Non Opec+ Producing Countries On Oil Cut

Africa: Arkab – Consultations With Non Opec+ Producing Countries On Oil Cut

Algerie Presse Service (Algiers)

Algiers — Energy Minister Mohamed Arkab said on Sunday in Algiers that consultations were under way with other non OPEC + producing countries to join the oil output cut deal, adding that this would help to rapidly rebalance the oil international markets.

Speaking to the National Radio, Arkab said “we aim to enlarge the production reduction agreement decided during last Thursday’s OPEC + meeting, to other non-OPEC countries which are expected to voluntarily cut their oil production.”

“Further countries are highly expected to join the deal,” he added.

See also: OPEC+extraordinary meeting agrees 10 mbd cut including 200,000 for Algeria

Regarding the impact of the cut deal on Algeria, Arkab affirmed that the country’s revenues will not be affected.

In the first stage, Algeria will cut 240,000 bpd, then 193,000 bpd and 145,000 bd, in the last stage of the OPEC + agreement.

In this regard, he explained that consultations are ongoing between the CEO of Sonelgaz and the representatives of the Desertec Initiative to sign the agreement in the coming days.

This project is part of other projects aimed at implementing the alternative energy strategy and shaping an efficient model of energy consumption.

Regarding electricity production, the minister reassured that “Algeria does not suffer from a production crisis”, noting that according to forecasts electricity consumption is expected to reach a peak of 17,000 megawatts next summer.

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