Oil price exceeds $35 and the government hopes it rises more

Algeria’s Treasury Thursday was relaxed as oil price went up to more than $35 per barrel. That means an increase of 30 percent compared to prices reported in January. According to specialists, producing countries including Algeria “pray” to see the price increasing.

The price of oil jumped 8% at one stage on Thursday after Russian officials said they would discuss production cuts with Saudi Arabia and other Organisation of Petroleum Exporting Countries (Opec) at a meeting next month.

Brent blend almost hit $36 per barrel before sinking back to just over $34 as Saudi sources played down suggestions it had already considered reining in crude volumes.