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Algeria to Suffer from Drop in Gas Prices

Source: Algeria Times 8/26/2015, Location: Africa

Algeria will feel the effects of the global fall in gas prices in the next eight months, an Algerian economic report warned.

Algeria depends on gas to provide more than 40 per cent of its total fuel revenues and prices have dropped by almost half recently.

Algeria’s El-Khabar newspaper said the US secretary of energy warned that gas prices are not expected to rise this year and Algeria is expected to suffer even more after the United States announcement that it will resume exporting liquefied natural gas to compete with Qatar, Russia and Algeria.

The report pointed out that despite Algeria’s dependence on medium and long-term contracts to sell liquefied natural gas, the price fluctuations forced companies who have contracts with Algeria to press it to review prices.

Oil prices have fallen steadily during this year by nearly 30 per cent with the largest reduction being recorded during the months of July and August.

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