Petroleum Africa
Find us on: 
Friday, July 15, 2016
Low crude prices have caused Algeria’s foreign exchange reserves to dip. According to Abdelmalek Sellal, the country’s prime minister, foreign exchange reserves are expected to drop to $116 billion by the end of 2016.
The government is making further cuts in spending, with its budget seeing a 9% cut for 2016. The budget cuts are mainly affecting much needed infrastructure projects.
The North African country’s reserves dropped $6.1 billion to $136.9 billion in the first five months of 2016.
“State policy will not be directed towards austerity, but there will be a decrease in spending,” Sellal said, according to the state news agency APS. He did not give details on future cuts.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
