bitumen price in Algeria : Algeria is one of the OPEC member countries whose economy is highly dependent on oil and bitumen; therefore,
the bitumen price in Algeria and fluctuations of these products in the global markets of this country are influential. Nevertheless, Algeria is constantly trying to play a role in stabilizing the market.
More about Algeria
Algeria is the largest African country in terms of area with a population of about 42 million. On the other hand, the country’s economy is dependent on oil exports and
suffered a heavy blow as global prices plummeted in late 2014. Despite the relative improvement in oil prices in recent years on world markets,
Algeria is still struggling with falling prices that year. It’s worth noting that oil and oil derivatives account for 95% of Algeria’s exports
and 60% of its budget.
Generally, Algeria lost more than half of its revenue after 2014 as oil prices fell on world markets. The crisis caused the country to spend
about $ 100 billion of its foreign exchange reserves on current expenditures from 2015 to the end of 2017.
“The value of the country’s oil exports and oil derivatives reached $ 31.6 billion in 2017, up from $ 27.9 billion in 2016,”
said Mohamed Lokal, head of the Algerian Central Bank last winter.
It’s good to know that Algeria produces about 1.30 million barrels of oil per day. In February,
Algerian oil production was 1.31 million barrels per day, while in January (January-February) it decreased to 1.26 million barrels.
Statistics released by the Algerian government show that the country’s oil production has fluctuated between one million and
25 thousand to one million 40 thousand barrels since the beginning of this year.
According to the Organization of the Petroleum Exporting Countries (OPEC), the average price of Algerian oil in 2017
was $ 54.12 per barrel, which shows an increase of $ 10 per barrel compared to 2016,
because the average oil price in Algeria in 2016 was $ 44.28 per barrel.
As a matter of fact, the average price of Algerian oil in the first four months of this year was $ 68.74,
compared to $ 54.12 in the same period last year. The average price of Algerian oil at the end of May this year was $ 70.57.Moreover, Algeria has set its 2018 budget at $ 55 a barrel,
while Algeria’s 2017 budget was due to $ 50 oil.