The price of Algerian crude “Sahara Blend” rose by about three dollars last March, to reach 65.76 dollars a barrel, thanks particularly to the increase in demand in international markets, as confirmed today, Tuesday, by the Organization of Petroleum Exporting Countries (OPEC) in its latest monthly report.
The same source explained that the monthly average of Algerian crude prices moved from 62.38 dollars a barrel last February to 65.76 dollars in March, that is an increase of 3.38 dollars a barrel (+ 5.4).
The same source added that Algerian Sahara Blend is the third most expensive crude in March, after Angolan Girassole ($66.04 a barrel) and Equatorial Guinea Zafiro ($65.99 a barrel).
The OPEC report also indicated that the price of Algerian crude was determined according to the price of Brent crude, which is the reference crude for the North Sea, listed on the London stock market, with an additional premium for its physical and chemical qualities preferred by refineries.
The rise in the Algerian Sahara Blend comes amid the general positive price developments in the global oil market during the month of March.
The average price of the OPEC basket increased by $3.51 (+ 5.7) compared to February to settle at $64.56 a barrel.
This is the highest level since January 2020 for the OPEC basket.
Moreover, the OPEC report indicates that Algeria’s production in March amounted to 870 thousand barrels per day, that is a decrease of 8000 barrels compared to the average production in February (878 thousand million barrels per day).
For its part, OPEC countries produced 25.042 million barrels per day in March, compared to 24.842 million barrels in February, according to secondary sources.