Algeria cuts oil production output by 25,000 bpd
By Mandisa Nduli, Editor
Algeria has cut its oil production by a reported 24,000- 25,000 barrels per day (bpd) since January, following the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC agreement to reduce oil production by 1.2 million bpd.
According to reports, Salah Mekmouche, Vice President of Exploration and Production of Algeria’s state-owned oil company Sonatrach told media that prior to the decision to cut production, the North African country was producing 1.08 million bpd.
In December last year, OPEC and its allies agreed to cut oil production by 1.2 million bpd for a period of six months, saying that the outlook for economic growth in 2019 was less than that of 2018, which could have ramifications for global oil demand.