Oil prices recorded a drop on Monday, January 23, 2023. And this, after having rebounded slightly in recent days. Indeed, this drop is due to the Lunar New Year holiday (the year of the Rabbit) in East Asian countries which was to continue until January 27th. However, the global black gold markets kept all the advantages acquired last week. Following estimates of China’s economic recovery.
As you know, China, the industrial giant, is the biggest oil importer in the world. Thus, the Chinese economic recovery implies a global economic recovery. It will be recalled in this wake that the Chinese authorities decided, a few days ago, to abandon the “0 Covid” policy adopted since the spread of the virus. Something that has reinforced the state of optimism in the world energy markets.
Oil prices: the Sahara Blend on the rise
This Monday at 7:59 GMT, Brent prices showed a decline. In detail, Brent prices, March delivery, fell by 0.49%. They are therefore displayed at 87.20 dollars per barrel. As for US crude oil prices, March delivery, they rose by 0.48%. Thus, a barrel of US crude is trading at 81.25 dollars.
Regarding the Algerian reference of black gold, it should be noted that the Sahara Blend was not affected by the disturbances experienced by the oil market. Indeed, the barrel of the Sahara Blend is displayed at 86.91 dollars. In a related context, it should be noted that a meeting will be scheduled between Energy Minister Mohamed Arkab and Italian Prime Minister Giorgia Meloni. This, as part of his working visit to Algeria.
In fact, the Algerian official and his Italian counterpart aim to strengthen cooperation between the two countries in the field of energy. In particular, in relation to the export of Algerian gas to Italy.
