
Arabian crude oil prices experienced a significant increase in March, driven by escalating tensions in the Middle East, particularly the conflict involving the United States, Israel, and Iran. This geopolitical situation propelled oil and gas prices to new highs, benefiting exporting countries in the region. According to data from the specialized platform Attaqa, the average price of the OPEC basket rose by 71% in March, reaching $116.36 per barrel, up from $67.90 the previous month. The Algerian Sahara Blend crude also saw a 41.6% increase in March, with its price reaching $104.24 per barrel, compared to approximately $73.59 in February. This indicates a notable improvement in Algeria's oil revenues, supported by the international market conditions. The OPEC report further revealed that Kuwaiti crude led the percentage gains, jumping 86.5% to $124.25 per barrel. Saudi Arabia's Arab Light followed, increasing over 77% to $121.29 per barrel. Other major producers also recorded double-digit growth: Iraq's Basrah Medium rose 76% to $117.62, the UAE's Murban surged 59.6% to $110.86, and Libya's Es Sider crude increased 46% to $103.69. This widespread price surge highlights the global energy markets' sensitivity to political instability in the Middle East.
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This summary was AI-generated from a story originally published by Algérie360.