Algeria says the group remains central to efforts to stabilize global oil markets

Algeria remains committed to the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ and considers the producer alliances a foundation of stability in the global oil market, the country's Ministry of Hydrocarbons and Mines said on Wednesday.

The ministry said the North African nation will continue to support collective coordination between oil-producing countries, arguing that the OPEC framework and the wider OPEC+ mechanism remain essential to balancing supply and demand and limiting market volatility.

The statement comes after the UAE announced on Tuesday that it would leave OPEC and OPEC+ effective May 1, citing its national energy strategy and the need for greater policy flexibility.

Algeria is one of eight OPEC+ countries, alongside Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan and Oman, taking part in voluntary production changes.

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The countries agreed this month to raise output by a combined 206,000 barrels per day in May, while retaining the option to pause or reverse the move depending on market conditions. Algeria's share is 6,000 barrels per day, taking its output to 983,000 barrels per day, according to official figures.

OPEC said the countries had reaffirmed the need for a cautious approach and full conformity with the Declaration of Cooperation, including compensation for any overproduction since January 2024. It also warned that attacks on energy infrastructure and disruptions to international maritime routes could increase market volatility and undermine supply security, a concern that has centered on chokepoints such as the Strait of Hormuz and the Red Sea.

Algeria has repeatedly backed coordinated production management within OPEC+. In March, the group agreed to begin unwinding 1.65 million barrels per day in additional voluntary cuts, while stressing that the process could be adjusted in response to market conditions.

OPEC was founded in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Algeria joined the group in 1969 and has since backed coordinated output decisions while seeking stable energy revenues for its hydrocarbon-dependent economy.