Algeria and Seven OPEC+ Members Extend Voluntary Output Cuts to Strengthen Global Oil Market Stability

BY: Dr. Hana Saada  

Algiers, Algeria | November 03rd, 2024 — In a strategic move to sustain stability in the global oil market, Algeria, along with seven other OPEC+ member countries, has announced the extension of voluntary production cuts until the end of December 2024. This decision, confirmed on Sunday, includes the continuation of additional output reductions initially pledged in April and November 2023 by Algeria, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, and Oman.

These reductions, totaling 2.2 million barrels per day, represent additional adjustments to production quotas set within the OPEC+ framework, an alliance between OPEC and non-OPEC oil-producing nations. The Ministry of Energy and Mines stated that this decision prolongs the cuts, initially extended through November 2023, for an additional month to fortify oil prices and reduce market volatility amid ongoing global economic fluctuations.

The eight countries reiterated their unwavering commitment to the Declaration of Cooperation, including the voluntary adjustments, which will be monitored by the Joint Ministerial Monitoring Committee (JMMC). The JMMC, following its 53rd meeting on April 3, 2024, will continue to oversee compliance with these production adjustments, underscoring OPEC+’s proactive approach to market management.

 

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Awarded the Media Leadership Award by the Minister of Communication, Mohamed Laâgab, Dzair Tube continues to shape the Algerian digital media landscape, maintaining its position of influence and impact. Additionally, Dzair Tube’s prominence in Algeria’s media scene was celebrated at the ninth edition of the “Hilals of the Television” competition, solidifying its status as a media leader.

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About Dzair Tube Media Group

Dzair Tube has firmly positioned itself as a leading force in Algerian digital journalism, delivering a rich and diverse array of content. Available in Arabic, French, and English, Dzair Tube captivates a broad audience, drawing over half a million daily clicks.

The platform’s excellence was notably recognized with the prestigious President of the Republic’s Award for Professional Journalist in the Electronic Press category on October 22, 2022. This accolade underscores Dzair Tube’s steadfast commitment to the highest journalistic standards.

Dzair Tube’s substantial online footprint includes 350,000 YouTube subscribers, over six million followers across various Facebook pages, and 450,000 Instagram followers. The digital channel serves as a nexus for a wide range of programming, spanning news, sports, entertainment, culture, and religion, catering to a diverse audience.

Boasting cutting-edge studios and advanced technology, Dzair Tube’s digital channel has attracted a significant viewership with its varied programs. It facilitates interactive discussions with key figures from various sectors, promoting public discourse and engagement. Beyond news, Dzair Tube excels in producing marketing documentaries, short TV commercials, and high-viewership shows.

The print edition of Dzair Tube’s sports newspaper, “Dzair Sport,” further attests to the platform’s influence, with over 50,000 daily downloads from the official Dzair Tube website.

Awarded the Media Leadership Award by the Minister of Communication, Mohamed Laâgab, Dzair Tube continues to shape the Algerian digital media landscape, maintaining its position of influence and impact. Additionally, Dzair Tube’s prominence in Algeria’s media scene was celebrated at the ninth edition of the “Hilals of the Television” competition, solidifying its status as a media leader.

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