Algeria’s Treasury gains additional seven dollars in oil barrel

As oil rigs withdraw following an OPEC Agreement to cut production by 200,000 barrels for six months, oil market started 2017 with pessimistic figures.

Brent price almost reached $57 on Sunday while a referential price of $50 was set by the Algerian government through its Financial Act 2017. It was published on Saturday on the Official Journal after it had been signed by President Abdelaziz Bouteflika, few days ago. Because of that, the Public Treasury achieved a difference of $7 between the real and the referential prices. According to international reports, the barrel price is expected to go up to $58 late in this year.