As Opec met in Vienna this week, Algeria as usual was among the most vocal in calling for action to support oil prices. One look at the country’s trade stats and it’s easy to see why.
Average prices for the country’s Saharan Blend crude rose 40% to average $73.3/B for the first 10 months of 2018. But, despite oil and gas bringing in 93% of export earnings – a share that has barely shifted in recent decades as various diversification strategies have come and gone – export revenues rose by a more modest 20%. (CONTINUED - 1114 WORDS)