Crudes from Algeria, Equatorial Guinea and Angola became the most expensive in the world during June and for the first half of 2022 as a whole, according to the Organization of the Petroleum Exporting Countries’ (OPEC) monthly report released on July 12.
Algerian crude, Sahara Blend, has become the most expensive in the world during the past June and the first six months of 2022.
The average price of this low-sulfur, very low-density crude reached $128.31 per barrel in June, compared with $115.28 in May. This represents an increase of 11.3% month-on-month, according to the OPEC Monthly Oil Market Report.
For the first six months of this year, the average price of Sahara Blend was $111.05 compared to $64.73 for the whole of 2021.
Zafiro, the crude from Equatorial Guinea, is the second most expensive black gold in the OPEC basket of crudes. Girassol, the crude oil produced by Angola, ranks third in the world. It traded at an average of $127.03 last June compared with $113.95 in May, up 11.5% month-on-month.
Opec countries produced 28.716 million barrels per day (mb/d) overall in June 2022, compared with 28.678 mb/d in May, up 234,000 bpd, according to secondary sources.
On the other hand, the Organization expects oil demand growth to continue in 2023.