Algeria aims to increase oil production to counteract the fall in crude oil prices, according to a statement by the Algerian energy minister, Youcef Yousfi. “We’ll examine the possibility of increasing our hydrocarbon production to increase the country’s oil revenues”, the Minister told the National Assembly’s Committee for Economic Affairs. Hydrocarbons represent 95% of Algeria’s foreign revenues and contribute 60% to the state coffers.
The country produces 1.2 million barrels per day, the quota set by the Organization of the Petroleum Exporting Countries (OPEC). In recent weeks, Algeria had asked OPEC to lower production to push up the price of crude oil but Saudi Arabia and other important OPEC members opposed the proposal. Now, to avoid incurring debt, Algeria has increased its controls on imports and postponed a number of projects, especially in the railway sector. Source: Il Sole 24 Ore Radiocor. More economic news, in Italian, from Egypt.