• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 11 mins EU has already lost the Trump vs. EU Trade War
  • 11 hours Impeachment S**te
  • 5 hours More dumbed down? re Hong Kong Act of Congress
  • 18 hours 55.00 WTI
  • 1 hour Article: Did Exxon only make $39 Million onshore U.S. last quarter ?
  • 3 hours Visualizing Pennsylvania Oil & Gas Production (Through September 2019)
  • 2 days IEA predicts oil demand will grow annually at 1 million barrels a day for the next 5 years
  • 2 days Crazy Stories From Round The World
  • 4 hours U.S. Shale To Break Records Despite Bearish Rhetoric
  • 1 day Everything You Need To Know About Trump
  • 3 hours Pope Proposes New Sin: Thou Shalt Not Destroy The Harmony Of The Environment
  • 20 hours Water, Trump, and Israel’s National Security
  • 3 days Science: Only correct if it fits the popular narrative
  • 2 days ‘If it saves a life’: Power cut to 1.5 million Californians
  • 1 day Last I Checked
This European Nation Is Planning A Complete Offshore Oil Ban

This European Nation Is Planning A Complete Offshore Oil Ban

Under pressure from environmentalists, Ireland…

Worrying Data For OPEC

Worrying Data For OPEC

OPEC’s latest edition of its…

Damir Kaletovic

Damir Kaletovic

Damir Kaletovic is an award-winning investigative journalist, documentary filmmaker and expert on Southeastern Europe whose work appears on behalf of Oilprice.com and several other news…

More Info

Algerian Oil Output Unchanged Amid Unrest

Algeria protests

The unrelenting unrest in Algeria in the form of mass protests seeking to force President Abdelaziz Bouteflika out of office has investors worried; but so far, there are no signs that oil and gas output has been affected.

On Tuesday, the International Energy Agency (IEA) told Reuters that Algerian production and exports had not been affected, but the agency continued to monitor the situation for new developments.

Cause for concern has increased since ExxonMobil moved to halt talks over Algerian shale assets last week over the protests and what Exxon clearly views as dangerous instability.

Protests began in mid-February with Bouteflika’s attempt to run for a fifth term as president.

Those same protests succeeded in forcing Bouteflika to publicly announce he would not be running for a fifth term; however, protests have not ceased and show no signs of letting up until the president steps down.

What Exxon is eyeing is a situation in which Bouteflika is forced to resign and what ensues in a political vacuum that leads to further unrest for the major oil producer.

Investors are now closely watching what the military’s next move will be, with news emerging today that the military chief of staff has publicly taken sides with the protesters.

Other political elite have also appeared to abandon Bouteflika, including some ruling party members and key business leaders.

In the meantime, Algeria’s state-run oil company, Sonatrach, has priced its April-loading cargoes of Saharan blend at flat to Dated Brent, Reuters reports, compared to 30 cents above Brent for March cargoes.

This will hit at the heart of the issue, which is that Bouteflika needs high oil prices to keep subsidizing his autocratic rule, and he’s not getting them.

“The debate is now focused on politics, but the real iceberg is the risk of an economic crisis in the next couple of years and no one has a strategy to tackle this,” Riccardo Fabiani, Algeria analyst at Energy Aspects, a London-based consultancy, told the Financial Times. “Foreign reserves are falling very quickly and they probably have less than two years of import cover left.”

By Damir Kaletovic 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
Download on the App Store Get it on Google Play