Africa’s Busiest Oil Industry Is Running Hard to Stand Still
- Algeria struggles to boost output as it intensifies drilling
- Nation keeps lobbying for OPEC action to boost crude prices
How Sustainable Is the Oil Rally?
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Algeria has more drilling rigs than the rest of Africa combined, yet oil production still isn’t recovering after years of decline. It’s little wonder the nation remains one of the most vocal supporters of action to increase prices by curbing output at the OPEC meeting next month.
The Organization of Petroleum Exporting Countries has been hit hard by the decline in oil prices. Algeria, like other members, is rolling out economic reforms to deal with the consequences of the slump, which include the nation’s first current-account deficit in more than a decade. Unlike Saudi Arabia and Iraq, it’s been unable to soften the blow by boosting output.