Oil at $29 and an expected complementary financial act

Oil price Wednesday went down to $29 per barrel for the first time ever for more than 10 years amid fears in Algeria. The referential price was fixed in the Financial Act 2016 at $37 per barrel. Parliamentarians expect that a complementary financial act would be set to tighten the belt and have control over the situation.

Two representatives at the OPEC Wednesday said the organization does not plan to hold an extraordinary meeting to discuss oil price decrease before its meeting due to be held in June 2016.

Earlier, Nigerian oil minister said two members in the OPEC called for a meeting after the oil price collapse.

According to parliamentary sources, the Algerian government will have to set a complementary financial act as there is a need for more stricken policy.