Algerian oil prices registered a rise of more than 28 dollars during the year 2021, to settle at 70.89 dollars, supported by the return of demand for crude in light of the economic recovery, according to the latest monthly report of the Organization of Petroleum Exporting Countries “OPEC”.
The report indicated that the annual rate of Algerian Sahara crude prices moved from $42.12 per barrel in 2020 to $70.89 per barrel in 2021, which represents an increase of $28.77 per barrel, or 68.30 percent.
With this increase, Algerian crude was the third most expensive crude among the 13 crudes in the “OPEC” basket during the past year, after Angolan Girasole ($71.31 a barrel) and Equatorial Guinean Zafiro ($71.09 a barrel).
The price of Algerian oil is determined according to the prices of Brent crude, the reference crude for the North Sea, which is listed on the London market with an additional premium for its physico-chemical properties required by refineries.
The progress of Algerian oil in 2021 and other raw materials in the “OPEC” basket comes in the context of the rise in prices in global markets amid the improvement of the oil market.
The “OPEC” reference basket of crudes rose in 2021, by $28.42, which represents an increase of 68.5 percent, to settle at $69.89 per barrel, which is its highest annual rate since 2014.
After mentioning the passage of five years since the signing of the declaration of cooperation within the framework of the OPEC + alliance, the organization indicated that this agreement had played a major role in stabilizing the global oil market last year, despite the state of uncertainty, with regard to global demand in light of the emergence of several mutated strains. for covid-19 virus.
Regarding Algeria’s production, the report highlighted that it reached 911,000 barrels in 2021, compared to 899,000 barrels in 2020.
In total, OPEC countries produced 25,648 million barrels per day in 2021, compared to 26,315 million barrels in 2020, according to secondary sources.
