Oil barrel close to Algeria’s referential price

Oil barrel price Thursday went up to more than $35 for the first time ever since for weeks as it collapsed to its lowest level ever in the last few days to reach $25.

The barrel Thursday reached $35.25 at 2 p.m. being close to a referential price determined by the government in the Financial Act 2016 at $37.

According to economy experts, this rise came following a meeting held between Qatar, Venezuela and other non member countries at the OPEC. Algeria was absent while its energy minister Salah Khabri said talks are underway with a number of member countries and others to find a solution.

Oil prices increased by 7 percent as Iran expressed its support to freeze production to treat the excessive supply in market.