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Algeria Replaces Oil Minister as Discontent Over Economy Grows
ALGIER (Capital Markets in Africa) — Algeria replaced its energy minister as part of a cabinet reshuffle that President Abdelmajid Tebboune pledged to restore calm as discontent over the OPEC member’s economic plight grows.
Mohamed Arkab will succeed Abdelmajid Attar, who became energy minister in mid-2020. Tebboune also named Mohamed Bacha as industry minister, according to a statement from the presidency.
The change comes days after Tebboune decided to dissolve parliament and free dozens of members of the so-called Hirak protest movement. The efforts are aimed at defusing calls for mass demonstrations on the second anniversary of a revolt that forced his predecessor, longtime President Abdelaziz Bouteflika, to resign.
Arkab was energy minister from April 2019 until being replaced by Attar.
The North African nation held the presidency of OPEC in 2020. Both Arkab and Attar worked closely with Saudi Arabia to persuade other members of the group and allies such as Russia to curb oil production in the face of the coronavirus pandemic, which hammered demand for energy.
Algeria’s energy industry is also suffering from a lack of investment, with oil and gas export volumes plunging around 30% in 2020.
Source: Bloomberg Business News