Algeria 2, June 17, 2017

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PETROLEUM PRICES VEGETATE UNDER THE BAR OF THE 50 DOLLARS The barrel complicates the mission of Tebboune

The alert launched by the head of state to the government to implement the strategy necessary to face the 'crisis of black gold prices' turns orange vigilance.

That will not be cake. The process of exit from oil dependence, to hydrocarbon exports does not look like a long, quiet river. The land is essentially undermined by the tumble of prices that distorts the government's calculations. Notably with regard to the finance law which was made on the basis of a barrel to 50 dollars. The transition to a new model of economic growth is thus weakened by this unfavorable oil situation. The alert issued by the Head of State to the government at the last Council of Ministers held last Wednesday to implement the strategy necessary to face the ' Black gold 'turns orange vigilance. Their current level may jeopardize financial balances.
Oil prices, even if they have reacted, continue to grow below the $ 50 mark. They remain virtually at their lowest level in six weeks. Yesterday at around 11:00 am in Algiers, the North Sea Brent barrel for delivery in August was worth 47.26 dollars on the Intercontinental Exchange (ICE) in London. An increase of 34 cents compared to the close on Thursday. In the electronic trading on the New York Mercantile Exchange (Nymex), the barrel of light sweet crude (WTI) for the July contract that managed to snack 19 cents was trading at 44.65 dollars. This is not done to arrange the affairs of the Prime Minister whose priority is to win this mother of battles: independence from gas and oil. What none of his predecessors has managed to do. Perhaps to have minimized the devastating effect of the tumble of prices and its duration especially. 'We made our calculations, studied the most pessimistic scenarios and all the assumptions, including if the oil goes down to 70 dollars,' said Abdelmalek Sellal in the opening speech he made on September 18, 2014 at On the occasion of the 17th Tripartite.
'Algeria will be able to count on its oil revenues to begin its economic take-off, aided by hydrocarbon production, rising from 2015, with the start-up of several new deposits,' added the former Prime Minister . The barrel of oil was over $ 97 in London. However, The national economy has shown some robustness recognized by the international financial institutions, the World Bank and the IMF. The measures taken to reduce the import bill, the promotion of domestic production, the bond loan operation, the banking of informal money ... have certainly served as a firewall. The fall in oil revenues, however, has not prevented the disappearance of the famous Regulatory Revenue Fund or the narrowing of foreign exchange reserves which are barely above the $ 100 billion after peaking at nearly $ 200 billion . This may be insufficient in the face of the ferocity of this crisis. The President of the Republic has also called for further gauging the Web. Abdelaziz Bouteflika, who excluded the use of external debt, has made social justice a major focus of his program in a difficult financial context. Improving the quality of life, through the provision of housing, access to energy and water, and the preservation of the environment, are among the main objectives it has set for the Government. Gold prices are not willing to make it easier. 'Oil prices have come close to the abyss ...,' said Lukman Otunuga, an analyst at Fxtm after the unexpected rise in gasoline reserves. According to data from the US Department of Energy (DoE) stopped as of June 9, they register an increase of 2.1 million barrels. Will they dare to take the leap? 'It is possible that this time, Evaluate what the production control promised by OPEC will do, 'said Gene McGillian of Tradition Energy. Undoubtedly the barrel keeps Abdelmadjid Tebboune in breath.

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