The prices of the Algerian reference crude, “Sahara Blend”, increased by $2.80 in the month of September, due in particular to the strong fundamentals of the oil market, and a significant recovery of the markets, as confirmed by the Organization of Petroleum Exporting Countries (OPEC) in its monthly report published today, Wednesday.
The same source explained that the monthly average price of Algerian crude moved from $71.05 a barrel in August to $73.85 in September, an increase of 3.9 percent.
The price of Algerian crude was determined, according to Brent prices, the reference crude for the North Sea traded in the London market at an additional premium due to its physical and chemical properties preferred by refineries.
With regard to global demand for oil, OPEC expected a rise of 5.8 million barrels per day in 2021, but this forecast was reduced compared to last year’s expectations (5.96 million barrels per day).
OPEC report added that “this revision towards the reduction is mainly due to real data without the expectations of the first three quarters of this year, despite assumptions related to the significant demand for oil during the last quarter of the year, which will be strengthened due to the seasonal increase in demand for petrochemical and heating and the change in Big natural gas for petroleum products due to high prices.