Algeria Bucks OPEC Discounts as Crude Goes to Venezuela
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Algeria raised its oil price for November to the highest in five months after adding Venezuela, fellow OPEC member and holder of the world’s largest crude reserves, to the list of its mostly European customers.
The North African country will sell its Saharan Blend crude at a premium of 70 cents a barrel to Dated Brent, the benchmark for more than half of the world’s oil, according to a price list obtained by Bloomberg. That’s the highest level since June and an increase from 20 cents in October. The first supertanker of Algerian crude arrived in Venezuela on Oct. 25, according to ship tracking data.