Petroleum Africa
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Wednesday, November 25, 2015
The drop in crude prices is having a significant effect on Algeria’s energy earnings and foreign exchange reserves. According to the country’s finance minister, Abderrahmane Benkhalfa, Algeria’s energy earnings are estimated to fall to $26.4 billion for 2016, while its foreign exchange reserves are predicted to dip to $121 billion.
The government estimates when all the figures are in for this year its energy earnings will fall by 50% for 2015, hitting its budget hard as oil and gas makes up 95% of its exports and accounts for 60% of its budget.
“We have to be vigilant in the management of our money. We have to control public spending,” the minister told the parliament where the draft budget law was presented.“We have to mobilize new resources. We have planned a reasonable increase in the prices of fuel and electricity to cover production costs,” he said.
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