Oil Prices Reach Highest Level Since More Than Two Years

Oil prices have reached their highest level in more than two years, with the Algerian oil Saharai Bland at $ 66 a barrel, which would ease the situation of Algeria government, which has been suffering from a lack of financial resources for more than three years.

The price of Brent crude jumped by 1.5% to reach its highest level since mid-2015, and the price per barrel reached $ 65.70 per barrel, which is the highest level since June 2015, in a sudden development that was attributed by observers to the effects of the closure of the North Sea pipeline (Britain), which has confused the supply in the global markets, because of the interruption of large supplies to the market.

The pipeline, which carries Forties, which is Britain’s largest pipeline with a capacity of 450,000 barrel per day, has been shut down on Monday after the discovery of cracks, which means that the oil market is “very sensitive” due to the large drop in supply of oil in the world markets.

Oil supply has been sorely missed since the Organization of the Petroleum Exporting Countries (OPEC) measures, at the autumn of last year, after the Algiers meeting in September 2016, which was drawn up at the November meeting of the Organization in the Austrian capital of Vienna.