• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 26 mins Oil prices going Up? NO!
  • 1 day Could Venezuela become a net oil importer?
  • 4 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 4 mins Tesla Closing a Dozen Solar Facilities in Nine States
  • 1 hour Could oil demand collapse rapidly? Yup, sure could.
  • 1 day Gazprom Exports to EU Hit Record
  • 1 day EU Leaders Set To Prolong Russia Sanctions Again
  • 26 mins Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 2 hours Oil prices going down
  • 1 day Why is permian oil "locked in" when refineries abound?
  • 1 day Oil Buyers Club
  • 1 day EVs Could Help Coal Demand
  • 16 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 33 mins Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 18 mins Saudi Arabia turns to solar
  • 1 day China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
Rig Count Falls As U.S. Oil Output Flatlines

Rig Count Falls As U.S. Oil Output Flatlines

WTI crude rose 4.5 percent…

Venezuela Forced To Shut Down Production As Operations Fall Apart

Venezuela Forced To Shut Down Production As Operations Fall Apart

Venezuela’s economic, social and political…

Algeria Favors Renewable Energy Over Shale Gas

Algiers

Algeria does not need to capitalize on its shale gas reserves because the country’s natural gas and renewable energy resources will meet its power needs, according to Energy Minister Noureddine Boutarfa.

"Algeria doesn't need, in the short term, to use its shale gas, because it has other natural resources, including gas," Boutarfa said on the sidelines of a conference the Higher Institute of Commercial Studies in Kolea, a town near the capital of Algiers. "The energy sector is witnessing fast changes in the technologies used in energy production…and the future is in renewable energy."

The Algerian government and economy is dependent on oil and gas revenues to remain afloat, and the 2.5-year market downturn has crippled the national budget. The country needs to diversify and liberalize its economy to gain access to much needed funds from the World Bank and other lending institutions.

State-owned Sonatrach’s oil and gas exports make up nearly all of Algiers’ revenues, which are used to pay the employees of the country’s large public sector. Red tape prevents strong private enterprises from emerging, concentrating the consequences of economic gains and losses in the national government’s coffers.

Among other concerns for Algeria is the failing health of President Abdelaziz Bouteflika, who suffered a debilitating stroke in 2013. Since then, members of his family and other close allies have been running the country on his behalf, according to reports from the capital city.

Related: Did Algos Drive The Latest Oil Price Rally?

Morocco, Algeria’s rival and western neighbor, has been leading the global push towards green energy, especially since the United Nations’ climate talks were held in Marrakesh last November. King Mohammed VI has commissioned the construction of the Noor solar power complex in the desert of Ouarzazate, which will be the largest facility of its kind in the world once completed in 2018.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News