Oil prices will not affect projects in Algeria, say experts

Opec producers’ cartel maintained their decision not to cut output while Brent crude fell $2.43 to $70.15 a barrel raising fears among countries of oil-based economy like Algeria.

Former CEO of Algeria’s energy group Sonatrach Nazim Zouioueche expects that the oil price would continue declining if the OPEC’s producers stick to their decision.

“Remarks made by officials of some oil producing countries about the decision not to cut output caused more price fall,” he told Echorouk Friday on the phone.

He added that the Opec’s producer cartels would call for a meeting early next year of prices still go down.

Fares Mesdour, an economist, believes that the situation is not so serious but it might be so.

“The government should review its development plans by focusing on strategic sectors such as agriculture, tourism and renewable energies,” he told Echorouk.

“We need a real partnership with countries with which we have strong relations like the European Union,” he added.

He criticized voices which call for shale gas as a solution, saying it would cause troubles for the country.

He believes that oil price fall will not affect projects neither will it reduce salaries.

“The government should exploit the $400 billion in the right way in order to develop agriculture sector. Failed experiences must not be repeated,” he added.