The drop in oil prices, the coronavirus, and ongoing political uncertainty create a perfect financial and social storm in Algeria.
The Organization of the Petroleum Exporting Countries announced that major producersBut G20 countries failed to agree on cuts at a virtual summit on Friday, April 10.
His words might be too little, too late, as the drop in prices, the coronavirus, and ongoing political uncertainty create a perfect financial and social storm.Algeria"is on the edge of a financial abyss," according to Luis Martinez, North Africa specialist at France's Sciences Po University.The country's 2020 budget had been based on an oil price of $50 per barrel, with growth of around 1.8%.
But former Sonatrach chief executive officer Abdelmadjid Attar said in principle, the company"shouldn't have to reduce hydrocarbon production" as the cuts would affect other operations.
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