Algeria sets reference price for oil at $60 barrel

Islamic state oil
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Algeria has set the reference price for crude oil at $60 a barrel through 2023-2025, state news agency APS said on Sunday, citing the 2023 budget approved earlier in the day by President Abdelmadjid Tebboune. This price matches the G7 price cap on Russian exports. 

Oil prices remain unchanged on Monday, as most markets were closed for holidays due to Christmas and New Year celebrations.  

Oil prices settled about $3 per barrel higher on Friday for a second straight week of gains after Moscow said it could cut crude output in response to the G7 price cap on Russian exports. 

Brent crude settled at $83.92, up by $2.94 or 3.6 percent, while US West Texas Intermediate crude settled at $79.56 a barrel, up $2.07, or 2.7 percent. Both benchmarks recorded their biggest weekly gains since October.

Algeria has set the reference price for crude oil at $60 a barrel through 2023-2025, state news agency APS said on Sunday, citing the 2023 budget approved earlier in the day by President Abdelmadjid Tebboune. 

The budget set the market price for crude oil at $70 a barrel during the same period. 

The North African country expects inflation to reach 5.1 percent and sees economic growth at 4.1 percent in 2023, APS said. 

The president stressed the importance of raising gas output in order to boost exports, APS added. 

AN

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