OPEC+ decided to increase the average daily output by 400,000 barrels from August 2021.

Algeria’s official news agency “A Press” released a report entitled “OPEC+”: Decided to increase the average daily output by 400,000 barrels from August this year on July 18. The full text is excerpted as follows:

The 19th OPEC+ Ministerial Conference with Non-OPEC Oil-producing Countries was held on Sunday, said Mohammed Akab, Algeria’s Minister of Energy and Mining. The meeting decided to increase the average daily oil production by 400,000 barrels from August this year.

After the meeting, Mr. Akab said in a statement that the increase in production was due to the recovery of market demand and the promotion of vaccination actions in various countries.

He pointed out that since August this year, Algeria’s oil production increase quota is about 14,000 barrels a day.

In addition, he said that the meeting decided to extend the cooperation agreement reached at the “OPEC+” ministerial meeting in April 2020 until December 31, 2022, after the agreement was originally extended to April 2022.