Algeria Slashes Spending After Price Collapse: Press

Algerian president Abdelmadjid Tebboune on March 22 ordered national oil company Sonatrach to halve its planned investments to $7bn, the presidency said in a statement cited by local press.

The North African country relies on oil and gas for around 60% of its state budget revenues, but prices have fallen dramatically this year owing to the continuing spread of the Covid-19 pandemic, and decisions taken by Opec+ producers to ramp up supply.

 The president has also told the government to cut public spending by 30% and delay state projects, to cope with the economic pressure.

The Brent contract for May delivery was down 2.8% as of 07:15 GMT March 23, at $26.22/barrel.