{"id":13835,"date":"2022-12-21T23:46:13","date_gmt":"2022-12-21T22:46:13","guid":{"rendered":"https:\/\/www.afro-impact.com\/algeria-opposes-the-eus-gas-price-cap\/"},"modified":"2023-06-19T11:18:54","modified_gmt":"2023-06-19T10:18:54","slug":"algeria-opposes-the-eus-gas-price-cap","status":"publish","type":"post","link":"https:\/\/www.afro-impact.com\/en\/algeria-opposes-the-eus-gas-price-cap\/","title":{"rendered":"Algeria opposes the EU&#8217;s gas price cap"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Algeria, Africa&#8217;s largest gas exporter, says no to the European Union&#8217;s gas price cap. This is at least what the Algerian Minister of Energy and Mines, Mohamed Arkab, said on Tuesday 20 December on the occasion of the 4th Algerian-German Energy Day.<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\"> EU Member States approved on Monday a temporary mechanism to cap wholesale gas prices at \u20ac180\/MWh. A price that is slightly higher than the current price of 115 euros. But at the height of the crisis last summer, gas reached 350 euros\/MWh. This tool will come into force from 15 February 2023. It will be deactivated automatically if there is a supply risk or if gas consumption increases.<\/p>\n\n<p class=\"wp-block-paragraph\">This is the decision to which Algeria objected, arguing that &#8216;it is a unilateral move that will have a negative impact on the market&#8217;. The Algerian minister further suggested that the EU measures could &#8220;destabilise the market&#8221; and that &#8220;the transparency of gas markets without restrictions or discrimination is more than just a necessity&#8221;.<\/p>\n\n<p class=\"wp-block-paragraph\"> &#8220;Energy markets must remain free to continue to develop and invest in the upstream,&#8221; he said.<\/p>\n\n<p class=\"wp-block-paragraph\">Algeria is Africa&#8217;s leading exporter of natural gas and the world&#8217;s 7th largest supplier of the flammable liquid. For about a year, the country of President Abdelmadjid Tebboune has been supplying about 11% of the gas consumed in Europe, while Russia provides 47% of the population&#8217;s gas needs. Algeria&#8217;s proven natural gas reserves amount to almost 2 400 billion m3. Some countries, such as Italy, have sought to reduce their dependence on Russian supplies since the invasion of Ukraine and have turned to Algeria.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Algeria, Africa&#8217;s largest gas exporter, says no to the European Union&#8217;s gas price cap. This is at least what the Algerian Minister of Energy and Mines, Mohamed Arkab, said on Tuesday 20 December on the occasion of the 4th Algerian-German Energy Day. EU Member States approved on Monday a temporary mechanism to cap wholesale gas<\/p>\n","protected":false},"author":10,"featured_media":13828,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[194],"tags":[],"class_list":["post-13835","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.5 (Yoast SEO v25.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Algeria opposes the EU&#039;s gas price cap - Afro impact<\/title>\n<meta name=\"description\" content=\"Algeria, Africa&#039;s largest gas exporter, says no to the European Union&#039;s gas price cap. 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