Algeria to raise oil production to 992,000 bpd in March - minister

Algeria will raise its oil production to 992,000 barrel per day (bpd) in March as part of an OPEC+ agreement reached on Wednesday, Energy Minister Mohamed Arkab said, according to a report by state news agency APS. Arkab said the decision by the Organization of the Petroleum Exporting Countries and allies led by Russia to continue moderate 400,000 bpd monthly output increases was due to the Omicron coronavirus variant not affecting global economies.

OPEC+ will however continue monitoring the oil market amid the rapid spread of Omicron, he said.

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