Algeria still at the mercy of oil barrel

Although Algeria’s consecutive governments have evoked measures since oil crisis was triggered in July 2014, its Treasury is still under the mercy of oil barrel.

Hydrocarbons injected $19.61 in January-July this year. This comes as oil barrel price have been between $48 and $52 for weeks. OPEC prepares a meeting in November to discuss how to boost prices.

Official figures show that hydrocarbons still represent most of Algeria’s sales with 94.71 percent. Its exports total volume reached $19.61 billion this year compared to $15.53 billion in 2016. Exports out of hydrocarbons represent only 5.29 percent.

Kuwait’s oil minister Issam Marzouk Tuesday told a national TV station OPEC will hold a meeting in November to discuss the possibility of extending or terminating the agreement on production cuts.