Energy Minister: Algeria rejects Europe’s decision to impose a ceiling on gas prices

Algerian Energy Minister Mohamed Arkab said his country expressed its rejection of the European Union’s decision to impose an embargo on gas prices on Tuesday, saying it was a unilateral step that could destabilize the market, according to Reuters.

Algeria’s gas exports, most of which are destined for Europe, reached 56 billion cubic meters in 2022.

On Monday, European Union energy ministers agreed on a cap on gas prices that could be triggered if prices standard of gas rose to 180 euros per megawatt hour.

A document that describes in detail the agreement of EU ministers showed that the EU gas price cap would enter in effective if prices exceed 180 euro/MWh for three days.

The document states that the limit could start from February 15th in then.

The deal follows weeks of talks over the emergency measure, which has divided opinion among bloc nations as they try to tackle an energy crisis.

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