DRC: Oil Price Experiences a 2.12% Rise in the Initial Week of August 2023
The price of oil on international markets continues to improve week after week following the decision of the member countries of the Organization of the Petroleum Exporting Countries (OPEC).
According to data from the Central Bank of Congo dated August 4, 2023, the price of a barrel of oil stood at 85.56 USD in the first week of August 2023.
“As of August 3, 2023, the price of a barrel of oil stood at 85.56 USD, recording a weekly increase of 2.12% driven by the announcement by Saudi Arabia, the world’s largest exporter of crude oil, indicating a extension of the reduction of its oil production by one million barrels per day which began in July 2023”, informs the note on the economic situation of the Central Bank of Congo.
It should be recalled that the fears caused by the Russian-Ukrainian conflict have largely contributed to the acceleration of the price of oil on the international markets.
Producing only about 22,000 barrels of oil per day despite the immense potential in oil resources, the Democratic Republic of Congo (DRC) remains very vulnerable to the situation of the international market.
Last year, the Congolese government compensated up to 500 million dollars for shortfalls from oil companies operating in the country to keep the prices of petroleum products at their level.
But this policy of the Congolese Government was strongly discouraged by the Bretton Woods institutions. The latter called on the Government of the DRC to favor the truth of prices at the pump.
