Analysis by Region - Africa - Algeria
Developments in the oil market during the past couple of months continue to spell trouble for the Algerian economy. In June, the Opec+ group announced that they will extend oil output cuts through Q3 this year. Within this arrangement, which Algeria has adhered to so far, the country has agreed to cut 54,000 barrels per day (bpd), equating to roughly 5% of normal daily production volumes. Prolonged oil output cuts will hurt the economy via several channels, most notably lower economic growth, worsened current and fiscal accounts, and a fall in foreign exchange reserves.
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