Prices for Algeria’s key Saharan Blend export crude grade averaged $55.59/B for the first five months of 2016, up 35.5% on the same period a year earlier. This, together with an increase in export volumes of both gas (MEES, 5 May) and crude oil, means that the country’s revenue from oil and gas export revenues rose by 43% ($4.5bn) to $14.9bn for the first five months of 2017 (see table).

But strong oil price gains in early 2017 have since partly been reversed (see p16). Prices for Saharan Blend averaged around $47.5/B in June, in line with Brent, the futures curve for which is currently averaging just over $48/B for the remainder of 2017. (CONTINUED - 612 WORDS)