Algeria expects oil prices to stabilize at $100 a barrel by the end of the year

Algeria expects oil prices to stabilize at 0 a barrel by the end of the year
Algeria expects oil prices to stabilize at 0 a barrel by the end of the year

Algeria expects oil prices to stabilize at $100 a barrel by the end of the year

Algeria expects oil prices to stabilize at $100 a barrel by the end of the year

Russia is India’s top crude oil supplier in October

Monday – 13 Rabi’ al-Thani 1444 AH – November 07, 2022 AD Issue No. [
16050]

An oil well in the Eagle Ford Shale field in Texas (Reuters)

Algeria: «Middle East»

Yesterday, Sunday, Algerian Energy and Mines Minister Mohamed Arkab expected the price of a barrel of oil to remain stable in the $100 range until the end of next December.
Arkab, in his intervention during a hearing organized by the House Finance and Budget Committee, said that despite the drop in oil prices due to prevailing concerns about stagnation in global economic growth, the recent decision by OPEC countries to reduce production by two million barrels is positive per day would maintain market equilibrium and price stability in the $100 per barrel range by the end of this year.
He continued, “Oil prices have recovered after the unprecedented slump markets experienced in early 2020 with the emergence and spread of a predatory outbreak (Corona).” Average crude prices surpassed the $109 per barrel threshold at the end of September this year , which helped improve the overall indicators of our economy.”
The Algerian minister expected his country’s hydrocarbon revenues to surpass $50 billion by the end of the current year, and Arkab said: “Given the achievements achieved up to September 2022, we expect a 2 percent increase in primary energy production by the end of the current year.” of hydrocarbons and an improvement in the country’s hydrocarbon revenues expected to exceed $50 billion.
“Non-hydrocarbon exports will see an estimated increase of more than 40 percent compared to 2021 achievements, mainly due to the increase in exports of mining materials and petrochemical products,” he added in statements from the official Algerian news agency.
Algeria’s hydrocarbon exports rose 77 percent annually to $42.6 billion from January to last September. “Exports for the same period last year were $24.1 billion,” Arkab said.
Referring to investments in the energy and mining sectors, the minister stated that “a total of US$6.3 billion was committed in the first quarter of 2022, an increase of 8 percent compared to the same period in 2021”.
Oil prices rose more than 5 percent on settlement last Friday, the last trading day of the week, amid uncertainty over future US interest rate hikes and the imminent entry into force of a European Union ban on Russian oil, investors are awaiting the prospect that China eases restrictions to fight (Covid).
Though global recession fears limited gains, Brent crude futures on settlement rose $3.99 to $98.57 a barrel. Crude oil posted a weekly gain of 2.9 percent. US West Texas Intermediate crude oil futures were also up $2.96, or 5 percent, to $92.61 a barrel and their gains for the week amounted to 4.7 percent.
While demand concerns are affecting the market, supply is also expected to fall with the start of the expected European embargo on Russian oil and the drop in US crude inventories.
The European Union’s import ban on Russian crude oil comes into effect on December 5 next year. China is also sticking to its tough anti-Covid policy after infections rose to their highest level since August on Thursday, but a former disease control official said major changes to that policy would soon be made.
Highlighting demand concerns, Saudi Arabia in December cut the official selling price for Arabian light crude to Asia to a $5.45 per barrel premium over the average for Dubai and Oman crude. The reduction was in line with industry sources’ expectations based on expectations of a fall in Chinese crude demand.
Meanwhile, Russia became India’s biggest oil supplier last October, overtaking traditional suppliers of Saudi Arabia and Iraq, data from energy transport tracking firm Vortexa showed.
On Sunday, the Press Trust of India reported that Russia shipped 935,556 barrels a day of crude oil to India last October, the highest rate ever. That amount accounts for 22 percent of India’s total crude oil imports, with Russia ahead of Iraq with 20.5 percent of imports and Saudi Arabia with 16 percent.
Russian oil accounted for no more than 2.0 percent of all crude oil imported by India last year as of March 31 (March). India’s appetite for Russian oil has increased since it began trading at discounted prices after the West abandoned it to punish Moscow for its invasion of Ukraine.

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