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26 December 2022 | Other

Oil price will be at the level of $70 per barrel in 2023–2024, according to Algerian authorities

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WTI Light Crude Oil

At the end of last week, Algerian President Abdelmadjid Tebboune signed the state budget law for 2023. As Algeria Press stated, this document contains macroeconomic and budgetary data for the following year, along with forecasts for 2024 and 2025.

The crude oil market price is expected to be about $70 per barrel until 2025. The reference price for oil is projected to be at $60 per barrel.

According to the authorities’ forecasts, next year’s inflation should slow down and reach 5.1%. In 2024, it will decline by around 0.6% more and supposedly reach 4% in 2025. Economic growth, in turn, will gradually begin to gain momentum, moving from 4.1% in 2023 to 4.6% in 2025.

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