ALGIERS – The price of Sahara Blend, the Algerian benchmark crude, rose by 12.50 dollars last February, supported in particular by the increase in demand and geopolitical tensions, indicated the Organization of the Petroleum Exporting Countries (OPEC). ), in its monthly report published on Tuesday.
The monthly average price of Algerian crude rose from 88.21 dollars/barrel last January to 100.71 dollars in February, an increase of 14.2%, according to the same source.
This increase places the Sahara Blend in 2nd position among the most expensive OPEC crudes in February, following the Angolan Girassol (100.78 dollars/barrel).
The price of Algerian crude is established according to the price of Brent, the benchmark crude from the North Sea, listed on the London market with an additional premium for its physico-chemical qualities appreciated by refiners.
The rise in Sahara Blend comes amid a surge in global market prices in February, supported by “solid oil market fundamentals and fears of supply disruption amid geopolitical tensions in Eastern Europe.” “, according to the Organization.
The average price of the OPEC basket (ORB) rose by 8.81 dollars (+10%) compared to January, to settle at 94.22 dollars/barrel in February.
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OPEC also indicates that Algeria’s production last February reached 978,000 barrels per day.
For their part, the OPEC countries produced 28.473 million barrels per day (Mb/d) in February, once morest 28.033 Mb/d in January, an increase of 440,000 barrels/day, according to secondary sources.
As for global oil demand for 2022, OPEC forecasts remain unchanged.
“For the moment, growth in world oil demand in 2022 remains at 4.2 mb/d, given the high uncertainty and extreme fluidity of developments in recent weeks,” according to the OPEC report.
“This forecast is however likely to be modified in the coming weeks, when there will be more clarity on the impact of the geopolitical unrest”, notes the same source.
