Algeria Bucks OPEC-Discount Trend With Venezuela Oil Sale

29 Oct 2014   Algeria

Algeria raised its oil price for November to the highest in five months after adding fellow OPEC member Venezuela , holder of the world’s largest crude reserves, to the list of its mostly European customers. The North African country will sell its Saharan Blend crude at a premium of 70 cents a barrel to Dated Brent, the North Sea benchmark, according to a price list obtained by Bloomberg. That’s the highest level since June and an increase from 20 cents in October. The first supertanker of Algerian crude arrived in Venezuela on Oct. 25, according to ship tracking data. “It’s primarily due to its sales to Venezuela” that Algeria has been able to raise premiums, Amrita Sen, chief oil market analyst at Energy Aspects in London , said by e-mail today. “Otherwise demand for light crudes has been super weak.” The Organization of Petroleum Exporting Countries’ biggest producers, including […]

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