The global economy has been heavily impacted by the Covid-19 pandemic and containment measures, but also by the armed conflict between Russia and Ukraine, which primarily threatens the stability of hydrocarbon prices. Faced with fears of a possible supply shortage, oil prices are on the rise and set new records every day.
In the light of this global instability marked by the Russian-Ukrainian conflict, the value of Algerian oil recorded an increase on the international markets exceeding 100 dollars per barrel. Indeed, during the last 48 hours, the price of the Algerian Sahara Blend rose 2.90% to reach $114.37 a barrel.
Thus, the Algerian Sahara Blend recorded a new record which allowed it to overtake the American crude, West Texas Intermediate (WTI), which rose by 1.85% to reach 110.26 dollars per barrel on Friday, May 6.
OPEC+ decides to increase oil production
In this same context, it should be recalled that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided this Thursday, May 5, to increase the alliance’s total oil production by 432,000 barrels / day next June. , according to the press release published at the end of the meeting which was held by videoconference, in the presence of the Minister of Energy and Mines, Mohamed Arkab.
The same press release indicated that “this decision comes within the framework of the gradual production increase plan decided in July 2021”. Indeed, the 23 OPEC+ countries, including 13 member countries and 10 non-member producing countries, have decided “to adjust the monthly global production upwards for the month of June 2022”.
Moreover, the OPEC+ press release did not fail to underline the fact that “the oil market was balanced”, noting, in this same sense, “the persistent effects of geopolitical factors and problems linked to the pandemic in Classes “.
Towards an increase in non-hydrocarbon exports?
Non-hydrocarbon exports in Algeria are experiencing considerable growth and might reach six (6) billion dollars by the end of the current year, according to what the president of the National Association of Algerian exporters (Anexal), Ali Bey Nasri.
Indeed, the port of Oran recorded a 185% increase in the volume of non-hydrocarbon exports during the first quarter of the current year, compared to the same period of the previous year. “The majority of exports concerned 545,676 tons of clinker, 178,456 tons of different types of iron and 58,115 tons of cement”revealed the same port company.
