Oil production in Algeria increased during the month of February 2024 by 6 thousand barrels per day, especially after its decline over 3 consecutive months. Despite Algeria’s implementation of the voluntary reduction policy since January 2024, when it reached about 51 thousand barrels per day, Algeria witnessed a state of increase in production. Oil.

Oil production in Algeria returned to a slight increase, reaching one thousand barrels per day during the month of July after declining for a period that lasted for 4 consecutive months. This came on Thursday, August 10, 2023, and Algeria was among 9 countries of the OPEC+ alliance. As Algeria announced voluntary cuts in conjunction with the production reduction policy that was implemented by the coalition during the month of November 2022, and in light of that, we will discuss in this report oil production in the State of Algeria during the year 2024 in addition to presenting the oil production of OPEC countries in 2024, and a comparison will be made to clarify OPEC countries’ oil production within three years (2022.2023.2024).

* The policy followed by Algeria in oil production:
Algeria has implemented a voluntary reduction policy since April 2023 by 48 thousand barrels per day, and it is expected that Algeria will continue this policy until the end of 2024. The monthly report of the Organization of Petroleum Exporting Countries stated on Tuesday, March 12, 2024, that oil production in Algeria has increased and reached about 918 One thousand barrels per day during the month of February 2024 and about 957 thousand barrels per day during the month of December.

The volume of oil production in Algeria after the reduction announced by Algeria reached about 908 thousand barrels per day until quantities gradually return to market conditions, and Algeria was among the first countries in the OPEC+ alliance. It announced the extension of its new voluntary reduction, which it began implementing during January 2023, until the end of the second quarter of 2024.

* OPEC countries’ oil production:
The production of the OPEC coalition countries increased during the month of February 2024 and reached about 26.571 million barrels per day, compared to 26.368 million barrels per day during the month of January 2024. This was supported by the rise in production witnessed by 7 countries. As for Saudi Arabia’s production, it rose and reached about 8.98 million barrels per day during the month of February. The UAE rose and reached about 2.933 million barrels per day.

Libya's production rose to about 1.167 million barrels per day, and Nigeria's production reached about 1.476 million barrels per day of crude oil, but Iran declined in oil production and reached about 3.148 million barrels per day, and Iraq's oil production reached about 4.203 million barrels per day, and Kuwait's crude oil production declined and witnessed… About 2.421 million barrels per day.

During January 2024, OPEC expected that global demand for oil in 2025 would witness strong growth by 1.8 million barrels per day – this is considered the first prediction issued by OPEC for the year 2025 – and that the growth in global demand for oil will come from within the countries of the Organization for Economic Cooperation and Development and will rise by 0.3 One million barrels per day during the year 2024, and that demand from outside the Organization for Economic Cooperation and Development countries will increase by two million barrels per day.

OPEC expects demand for oil from within the Organization for Economic Cooperation and Development to increase by 100 thousand barrels per day in 2025 and to increase from outside the organization by 1.7 million barrels. OPEC’s oil production rose during the month of December 2024 by about 73 thousand barrels to reach about 26.7 million barrels per day. OPEC reduced its expectations for increasing oil production from outside member countries to about 1.3 million barrels, much less than December’s expectations. It is expected that Canada, the United States of America, Brazil, Norway, Kazakhstan, and Guyana will be the main countries driving the growth of oil supplies during the year 2024.

OPEC maintains its expectations for the growth of oil supply from outside member countries unchanged during the year 2025 at 1.3 million barrels per day, and OPEC raised its expectations for the growth of the global economy during the year 2025 slightly to reach about 2.8%.

The following table shows the average production of crude oil by OPEC countries during (2022: 2023: 2024):