In the face of unprecedented difficulties facing the oil market, it is of the utmost importance that all the signatory countries fully implement the voluntary production reduction agreement and that the objective is to ensure a conformity of over 100%, the Minister said in a statement.

He added: “Algeria is ready to reduce its production as from May 1, in accordance with the agreement.”

The agreements reached at the 9th and 10th (Extraordinary) OPEC and non-OPEC Ministerial Meetings are effective as of 1 May 2020.