The report from the Organization of the Petroleum Exporting Countries (OPEC) for August 2026 highlights the ongoing transformations in the global oil market, as prices declined in July, while Algerian 'Sahara Blend' crude maintained its appeal to refineries, thanks to its technical characteristics and proximity to European markets. Demand forecasts are gradually improving for the last quarter of 2026 and 2027. According to OPEC's monthly report, the average OPEC reference basket (ORB) recorded a decline of $6.76 per barrel in July, a decrease of 7.5%, settling at $82.99 per barrel. The price of the benchmark Brent crude also fell to $83.97 per barrel, down by $0.46.
Algeria - On Monday, the Minister of Transportation, Saïd Sayoud, held talks in Algiers with the Deputy Prime Minister and Minister of Industry of the Czech Republic, Karel Havlíček, discussing ways to enhance bilateral cooperation between the two countries in the fields of transportation, according to a statement from the ministry.
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The Nigerian Minister of State for Petroleum Resources in charge of gas, Ikebekpe Ikpo, highlighted today from Moscow the developmental and economic dimensions of the Trans-Saharan gas pipeline that connects Nigeria to Algeria via Niger, especially for the Sahel countries, noting that the project is a priority, as Nigeria will extend a pipeline from the south of the country to the north to realize this continental energy facility.
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