Algeria Raises Per Barrel Price

Thursday, October 30, 2014

Algeria raised the price of its Saharan Blend crude after adding fellow OPEC member Venezuela to its list of customers. The North African country added a premium of $0.70 per barrel to Dated Brent, for November.

The price tagged for November is the highest level since June and an increase of $0.20 on October’s price. The first supertanker of Algerian crude arrived in Venezuela on Oct. 25, according to ship tracking data.

Nigeria is the only other OPEC member to also raise official selling prices of crude amid higher seasonal demand from oil refiners in Europe. The West African producer raised the premiums of Qua Iboe and Bonny Light crudes to $1.20 per barrel over Dated Brent for November, from $1.10 in October, according to the state-run firm NNPC.

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