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With oil prices having halved since June, Algerian Energy Minister Youcef Yousfi says “Opec must intervene to correct market disequilibrium and cut production to bring up prices and defend the income of member states.”
Algerian President Abdelaziz Bouteflika said earlier that his government will stick to its current five-year investment plan despite low oil prices given the country’s foreign exchange reserves. But he added that the oil price crisis highlights the need to reduce the country’s dependence on hydrocarbons, and called on Algerians to stop squandering resources.
Algeria’s foreign exchange reserves stood at $193bn in June and its stabilization fund, the Fond de Regulation des Recettes has around $55bn. Oil revenue accounts to over 95% of total budget revenue. (CONTINUED - 363 WORDS)