Algeria Expects Oil Prices to Stabilize at $100 by Year’s End

Algeria Expects Oil Prices to Stabilize at $100 by Year’s End

Oil prices are predicted to stabilize at $100 a barrel by the year-end, Algeria's Minister of Energy and Mines Mohamed Arkab said.

The Minister explained that despite the decline in oil prices and global recession concerns, the latest decision of OPEC+ countries to reduce production by two million barrels per day (bpd) should keep the market balance and the stability of oil prices at the level of $100 per barrel until the year-end.

"Oil prices recovered after the unprecedented markets collapse in early 2020 due to the appearance and spread of the coronavirus," Arkab noted.

The Minister said that crude oil prices, on average, exceeded the threshold of $109 per barrel by the end of September of this year, which contributed to the improvement of the overall indicators of the national economy.

He expected that his country's hydrocarbon revenues would exceed $50 billion by the end of the current year, adding that given the achievements recorded until September 2022, Algeria expects a two percent increase in primary hydrocarbon production by the end of the current year.

"Exports outside hydrocarbons will record an estimated increase of more than 40 percent compared to the achievements of 2021, driven mainly by the increase in exports of mining materials