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FINANCIAL NEWS
Algeria asks OPEC to cut production
29 Dec 2014
(MENAFN) Algeria’s Oil Ministry has called on OPEC to cut production and raise the price of oil, which has lost almost 50 percent of its value due to the continuous plunge in prices that started in June, Arab News reported.
Algeria, which is a member of the Organization of Petroleum Exporting Countries, has been struggling to deal with the decline in oil prices, which plummeted from USD120 per barrel to USD60, thus increasing the pressure on Algerian economy.
While Algeria has around USD200 billion foreign reserves, enough to cover imports for the next several years, it is heavily dependent on its oil revenue which provides 97 percent of its hard currency income and 60 percent of the budget.
The decline in oil prices has led the Algerian government to begin implementing some cost cuts, such as the decision to freeze hiring in the public sector in 2015, despite 60 percent of the available jobs in the country being in that sector
The cuts are also expected to affect several major infrastructure projects, such as public transportation in Algiers and highways in the countryside, while subsidies, which amount to 21 percent of the country’s annual economic output, cover electricity and many food products, as well as education and housing, are also being considered.
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