Algeria’s trade deficit increased to
The depressed price of crude oil, which accounts for 95 percent of Algeria’s exports, has been badly battering Algeria’s economy over the past two years, according to publisher Africa Business Communities. On the other hand, imports have also decreased on the back of the government’s austerity measures and import quotas adopted to counter the loss of export revenues from oil.
Algeria’s total export revenues went down by 23.44 percent annually at the end of last month, to US$22.7 billion. The value of imports decreased to US$38.5 billion as of end-October from US$43.5 billion in October last year.
The Algerian government is currently trying to push a budget for next year envisaging higher taxes, higher gasoline prices, and a freeze in public sector salaries, but has been facing stiff
The falling oil revenues and rising economic woes place OPEC member Algeria in a position to desperately seek and work for the cartel to reach a deal on production cuts next week. Algeria, alongside Venezuela and Qatar, is one of the smaller members that have been
Just yesterday -
Iran and Iraq, however, again questioned their contribution to potential cuts, which resulted in yet another stalemate in the talks. Seemingly as a result of this pushback, OPEC has deferred the decision on Iraq and Iran for November 30, according to
By Tsvetana Paraskova for Oilprice.com
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