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Crudes from Algeria, Equatorial Guinea, and Angola became the most expensive in the world during June and for the first half of 2022. This was revealed by 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 US$128.31 per barrel in June, as against US$115.28 in May, as revealed by the OPEC Monthly Oil Market Report, an increase of 11.3% month-on-month. The average price of Sahara Blend was US$111.05 compared to US$64.73 for the whole of 2021 for the first six months of this year.
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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, which traded at an average of US$127.03 last June compared with US$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 as against 28.678 mb/d in May, up 234,000 bpd. The oil producers organization often referred to as the cartel, has said it expects oil demand growth to continue in 2023.
