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Algeria’s oil profits rise in February, affected by invasion of Ukraine

Algeria's oil

Doha, (Business News Report)|| The profits of Algeria’s reference crude oil Sahara Blend increased by $12.5 during the month of February, due to the Russian-Ukrainian war.

Data issued by the Organization of Petroleum Exporting Countries (OPEC) said in its monthly report that Algeria’s oil production reached 978,000 barrels per day in February.

The report also explained that the monthly average price of Algerian crude moved from $88.21 a barrel in January to $100.71 last February, an increase of 14.2%.

According to these figures, Algeria has achieved additional profits estimated at $12.225 million per day due to the rise in oil prices, bringing the total value of its production to the equivalent of $98.5 million per day, or $2.758 billion in February.

Sahara Blend ranked second in the list of the most expensive types of raw materials that make up the OPEC basket in February, after Angolan Girassol crude ($100.78 a barrel).

The price of Algerian crude is determined according to the prices of Brent, the reference crude for the North Sea traded in the London market, at an additional premium in view of its physical and chemical properties preferred by refineries.

The rise in the price of the Sahara Blend came in the context of the price inflammation that characterized the international market during February.

The report added that the average price of the OPEC basket rose by $8.81 (10%) in February compared to January, to settle at $94.22 per barrel.

On the other hand, OPEC countries produced a total of 28,473 million barrels per day during February, compared to 28,033 million barrels per day in January, recording an increase of 440,000 barrels per day.

With regard to the global demand for oil for the current year, OPEC maintained its previous forecast, noting that at the present time, the growth of global demand for oil in 2022 remains unchanged at 4.2 million barrels per day.

“However, with more data and hence a deeper understanding of the unravelling events, over the next few weeks, the global GDP growth forecast for 2022 remains under assessment at 4.2%, and will be reviewed and adjusted, when there is more clarity on the far-reaching impact of the geopolitical turmoil,” OPEC added.

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