In particular, black gold prices listened to OPEC and its allies, who held their monthly meeting yesterday.

Black gold prices started yesterday's trading off the ground, reaching their highest level in 10 months. Brent had risen to $53.13 a barrel at 9:45am before it fell back to $52.26 around 2:45pm, above its 2020 closing threshold. After this strong start, black gold prices seemed to want to remain expectant. Move back to bounce back better probably. In particular, black gold prices were listening to OPEC and its allies, who held their monthly meeting yesterday. The signatory countries of the Declaration of Cooperation (Doc) are ready to adjust production levels, according to the conditions and developments in the international oil market, said the Secretary General of the Organization of Petroleum Exporting Countries. “The results of the ministerial meeting (Opep+) on 3 December pave the way for a gradual return of 2 mb/d to the market over the coming months, while the participating countries are ready to adjust these levels according to international oil market conditions and developments,” Mohamed Barkindo said at the 47th meeting of the Joint Technical Committee (JTC), which was held on 3 January. This meeting preceded the 25th meeting of the Joint Ministerial Follow-up Committee (JMMC) and the 13th OPEC ministerial meeting scheduled for yesterday, the Organization of Petroleum Exporting Countries said in a statement posted on its website. It should be remembered that the OPEC+ decision to withdraw 7.2 million barrels has been in force since January 1. The “23" agreed to limit the increase in their production by 500,000 barrels per day from that date, compared to almost 2 million barrels per day initially planned. A decision that was announced at the end of the 12th Opep+ ministerial meeting, which was held on December 3, 2020, by videoconference. On April 9, OPEC and its partners, including Russia, decided to reduce their production by almost 10 million barrels per day, to stop the plunge in prices and to cut by 7.7 million barrels per day from August 1, until the end of December 2020, before increasing to 7.2 million barrels per day at the beginning of 2021, which allowed Brent prices to close Rent the year 2020 above 50 dollars . These cuts, combined with mass vaccination campaigns against the coronavirus pandemic, have largely contributed to restoring color to the black gold market. The current price increase is also supported by a rebound in the world's second and third-largest economies. Sales of gasoline and diesel have returned to pre-crisis levels in these two countries. Experts are detecting undeniable signs of a rise in prices there. Mufg analysts expect a barrel of Brent at 58 dollars on average in 2021, compared to 38 dollars in 2020, and 64 dollars at the end of next year, which should allow Algeria to exceed the estimates included in its 2021 finance law. The country expects oil revenues of $23.21 billion in 2021 based on a benchmark price of one barrel of oil at $40. This situation should also allow for a less rapid erosion of foreign exchange reserves, which were expected to end the year at more than 44 billion dollars. The country's foreign exchange reserves were due to fall to 44.2 billion dollars at the end of 2020 according to estimates in the 2020 Supplementary Finance Act, the Minister of Communication and government spokesperson, Ammar Belhimer, said on 3 May