• Algeria's oil revenues fall to $ 60 billion



    Freezing government employment due to the fall in crude prices
    Algeria's oil revenues fall to $ 60 billion


    Youcef Al Yousfi, Minister of EnergyandMines of Algeriarevealedhis countryretreatofhydrocarbonrevenuesslightly to$ 60 billionin 2014versus$ 62 billionin2013.
    Yousefiattributedthis declineto the collapse ofoil pricesin the market, which fellto its lowest levelinthe last five years,adding that "the volumeofhydrocarbonreservesAlgeriaknewrisesince2013to reachnearlyfour billionbarrels of oil."
    He saidAlgerian Energy Minister,itwillin the coming weekson the governmentprogram forthe efficacyof energyappliedto the directives ofmini-MinisterialCouncil, whichwas devoted tothe implications oflower oil prices.
    Yousefipointedtoreset therenewable energyprogram, whichincludesthe production of22 thousandmegawatts ofelectricityfromsolarand windenergies, and expectedproduction of electricitybythese energiesby up to30 per cent in2030.
    Yousefisaidthroughpreviewedyesterdayfieldexperimentallyfor the extraction ofshale gasinAlgeriain the eye ofthe benefit ofthe country's south,that this projectwill enableAlgeriato createa reserveofgas reservesand creatinghundredsof jobs, describingcrackingrockprocessfor the extraction ofnatural gas,especially as theyareunder the supervision ofengineersa successAlgerians.
    TheAlgerian government hasdecided to freezerecruitmentin thepublic servicein2015, tothe face of decliningoil prices,the main supplierof the country, according toAbdulannouncedOwnerbasketshead of government.
    Duties onoilproducts andcontribute60 per centof the statebudget, whichgets morethan 95percent offoreignrevenuesfrom the sale ofhydrocarbons.
    In addition to thehiring freezebaskets, said, "Themajor projectsthatcharacterdo not wearsooner ]such asworkshopsIronand transportation,will bepostponed," asalluded tofreezewage increases.
    TheAlgerian government hasdramaticallyincreasedin 2011,in the conduct oftheir employees'wageswere allowedto cut offthe roadtosocialdemandsgrew up inthe midst ofthe "Arab Spring," whichkicked offeventsfrom TunisiaAlmgeorh.okanAlgerian President AbdelazizBouteflikadescribed theoilcrisisas "harsh",adding that itcannotBanekasthepredictthe short-term,but ruled outfor the time beingreconsideredinpublic investment, which remainthe engine of growthandjob creation.Bouteflika hasdecidedto keep theschemeQuintet(2015-2019)which is worthabout $ 250billion,and called for therationalization ofpublic expenditureand importsand consumptionof internalenergy,stressing that his countryhas a"wiggle room" to confrontthe current crisisin oil prices.
    Inthe context of therelatedproductionAlYousfisaid,"Itmust beon theOrganization of Petroleum ExportingCountries" OPEC"production cutsto correctthe oil marketdisruptions."
    Quoted byAPSYousfisayingat a press conference,"Algeriadoes not share theposition ofbig producerswithin the organizationwho considerthat"OPEC"muststop interferingto adjust themarketand leaving itstabilizesalone," pointingout thatthesebig producerswithoutreminding themby name,have adoptedthis position, fearingthe emergence ofnon-member countriesin the organization, thanks tothe explosion ofshaleoil production,and the fact thatthe cutsapproved by the"OPEC"in the pasthas always beenin the interest ofcountriesthat are not membersof the organization, which wasearnadditionalsharesat their expense.
    "Thisis notour opinion;we seethatthe oil cartelshouldinterveneto correctimbalancesby reducingproductionto raise pricesand to defendthe incomes ofthe Member States."
    The Algerian ministersaid that thebig producerscitethe rise ofUSshaleoil, whichaccounted forsignificantshareswhen priceswere high, indicating that themarkethas found itselfin front ofa surplusin productionissued bynon-Member Statesin the"OPEC".The Algerian ministerpredictedhigher prices fora barrel of oilto between$ 60 and $70in 2015with the potential torise furtherin the fourth quarterto reach$ 80in2016.

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