Algeria expects oil price to fall further, delays spending: PM Sellal

22 Jan 2015   Algeria

Algerian Prime Minister Abdelmalek Sellal said late Wednesday he expects the oil price to fall further, adding that Algeria is now in a state of economic “crisis.” Speaking on state television, Sellal said Algeria is to defer a number of key infrastructure projects due to the falling oil price as the slump begins to hit the North African country’s economy. “The decline in the oil price will continue and it will not go back to $120/b,” he said. “We are in a state of crisis,” Sellal said. “Oil is below $50/b, and no one anticipated such a fall.” Algeria’s 2015 budget is based on a price of $60/b. “We will continue to invest in social projects, but we will have to cut certain non-essential spending such as trams and railways. These will be postponed,” Sellal said. Despite the economic crisis, Sellal said Algeria had […]

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