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Algeria to cut spending on 50% lower expected energy revenues

by ChemOrbis Editorial Team -
  • 28/07/2015 (16:55)
According to media sources, Algeria is set to trim spending in their 2015 budget by around 1.35% since globally lower crude oil prices are expected to pull down energy earnings by 50%.

The country’s budget is based on an oil price of $60/bbl, much lower than the initially anticipated $90/bbl. Algeria’s exports mostly centred on oil and gas while energy revenues make nearly 60% of the country’s budget. Inflation in the country is expected to rise to 4% in 2015, up from initial anticipations of 3%.
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