Sahara Blend Tops Arab Crude Prices in October
Algeria's Sahara Blend crude oil emerged as the most expensive Arab crude in October, reaching a price of $137.94 per barrel. This also marked the largest monthly price increase among all oil qualities listed in the OPEC report.
Algerian Sahara Blend crude oil achieved the distinction of being the most expensive Arab crude during October, according to data from the latest monthly report by the Organization of the Petroleum Exporting Countries (OPEC). The primary Algerian crude reference recorded a notable increase of over 16% in a single month, elevating its average price to $137.94 per barrel, a significant rise from $118.49 in September. This performance positioned Algerian crude well ahead of other Arab oil references within the organization's basket.
The Sahara Blend's monthly surge of $19.45, representing approximately 16.4%, also established it as the top performer in terms of price growth among all oil qualities tracked in the OPEC table. This substantial gain surpassed that of Libyan Es Sider crude, which held the second position with an average price of $129.94 per barrel, having advanced by nearly 10.6% from its September price of $117.49. The Algerian crude's average price maintained a lead of nearly $8 over Es Sider.
In contrast to Sahara Blend's robust performance, several other Arab crude references experienced declines in October. Saudi Arab Light, Kuwait Export, and Emirati Murban all saw their average prices fall, further highlighting the exceptional rise of the Algerian crude. Overall, the OPEC Reference Basket (ORB) did see a general progression, with its average price reaching $112.12 per barrel in October, a 1.4% increase. However, the Sahara Blend's specific performance stood out, confirming its position as the most expensive reference among the Arab qualities presented in the OPEC data.
