
Oil Prices Drop After Washington's Decision
Foreign companies have been authorized to purchase Russian oil.
Government economic decisions, reforms, budgets, and fiscal policy

Foreign companies have been authorized to purchase Russian oil.

Oil prices recorded an increase of more than 9 percent at settlement yesterday, Thursday. Brent crude futures rose by $8.48 per barrel or 9.22 percent to reach $100.46 per barrel at settlement, marking the highest level since August 2022. West Texas Intermediate crude futures also rose by $8.48 or 9.72 percent to reach $95.73 per barrel at settlement.

The Minister of Internal Trade and Regulation of the National Market, Amal Abdel Latif, stated that her services attach special importance to promoting national production in various sectors, in light of the emergence of a significant number of Algerian companies capable of meeting the needs of the national market, especially during occasions and religious holidays, which supports economic activity and contributes to enhancing the development of the national economy.

Brent crude futures settled at $100.46 a barrel, up $8.48 or 9.2 percent after hitting $101.60 a barrel earlier in the session. West Texas Intermediate crude rose to $95.70, gaining $8.48 or 9.7 percent. Both crude benchmarks closed at their highest levels since August 2022.

Algeria - The Minister of Water, Taha Derbal, and the Minister of Agriculture, Rural Development and Fisheries, Yassine Mahdi Walid, chaired a working session today, Thursday, dedicated to following up on the supplementary irrigation program for strategic crops in major perimeters, according to a statement from the Ministry of Water.

Béjaïa - The Minister of Public Works and Infrastructure, Abdelkader Djaoui, today Thursday in Béjaïa, oversaw the commissioning of the section extending from kilometer point 16 to kilometer point 11 in Oued Ghir, over a distance of kilometers, from the project of the dual carriageway linking Béjaïa to the East-West motorway, according to a statement from the provincial services.

The Minister of Labor, Employment and Social Security, Abdelhak Sayhi, stated that Algeria is experiencing economic dynamism that allows for the creation of more than half a million jobs annually. According to the Algerian News Agency, Sayhi explained during a public session in the National People's Assembly, dedicated to oral questions from several government members, that 'the economic dynamism and the level of growth in our country provide significant momentum in the fight against unemployment,' which allows 'every year to create more than 500,000 jobs.'

Algeria - The Director General of Algerian Customs, Major General Abdel Hafiz Bekhouch, participated in Geneva (Switzerland) in the works of the 11th session of the Technical Implementation Body of the International Goods Transport Agreement, as stated today, Thursday, in a statement from the General Directorate of Customs.

Algeria - The Minister of Labor, Employment and Social Security, Abdelhak Sayhi, highlighted today, Thursday in Algiers, the economic dynamism that Algeria is experiencing, which allows for the creation of 'more than 500,000 job opportunities' annually.

Algeria - Today, Thursday, a ministerial delegation led by the Minister of State, Minister of Energy and Mines, Mohamed Arkab, visited Bejaia to inspect the ongoing preparations for the exploitation of the zinc and lead mine located in the municipalities of Amizour and Tala Hamza, according to a statement from the ministry.

A ministerial delegation led by the Minister of State, Minister of Hydrocarbons and Mines, Mohamed Arkab, accompanied by the Minister of Public Works and Basic Infrastructure Abdelkader Djaloui, and the Secretary of State to the Minister of Hydrocarbons and Mines in charge of mines, Karima Bekir Tafer, arrived today, Wednesday, March 12, in Bejaia. According to the Bejaia province, Arkab confirmed during this work and inspection visit that the zinc and lead mine located in the municipalities of Amizour and Tala Hamza is among the most important strategic projects in the mining sector in Algeria, given its significant economic and developmental dimensions, during his inspection of the mine entrance preparation works. Watch the full content on Echourouk Online.

The head of the International Energy Agency, Fatih Birol, announced that member countries reached an agreement to withdraw 400 million barrels from strategic oil reserves to compensate for the supply shortage caused by military escalation in the Gulf and Middle East, marking the largest amount ever withdrawn in the agency's history.