Algeria | - Part 3

Oil Halts Loss Before OPEC Meets as Saudis Look to Future Deal

ALGIERS, Capital Markets in Africa: Oil halted losses below $45 a barrel after Saudi Arabia signaled it may compromise with regional rival Iran on a future supply agreement as both countries expect no deal when OPEC members meet Wednesday in Algiers. Futures rose 0.4 percent in New York after falling 2.7 percent Tuesday. A dealin November is possible, Saudi Arabian Oil Minister Khalid Al-Falih said at a briefing in the Algerian capital, adding that Iran, as well as Libya and Nigeria, should be…

Saudis Willing to Act on ‘Critical’ Oil Market, Algeria Says

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ALGEIRS, Capital Markets in Africa: Saudi Arabia, the world’s biggest oil exporter, has offered to cut its output to January levels, Algeria’s energy minister said as he prepared to host a meeting of OPEC producers later this week. Prices rebounded Monday after tumbling 3.7 percent on Friday as Saudi Arabia signaled that the Algiers meeting will be consultative and unlikely to reach a firm decision. While Noureddine Boutarfa’s comments don’t change that, they suggest OPEC’s leading member may still be willing…

Algeria to Ramp Up Gas Output While Putting Shale on Backburner

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ALGIERS, Capital Markets in Africa: Algeria plans to raise natural-gas production almost 30 percent by the end of the decade though won’t tap its vast shale reserves for now. The North African country aims to pump 122 billion cubic meters of gas by 2020, up from 96 billion cubic meters currently, Energy Minister Noureddine Boutarfa said in an interview in Algiers. Conventional production, rather than shale, is the “immediate priority,” he said. Africa’s largest gas producer has…

Algeria plans bank privatisations as oil money dries up

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ALGIERS, Capital Markets in Africa: Algeria plans to allow its dominant state banks to list on the local stock exchange to help develop its financial markets and diversify sources of funding after the oil price slide, a senior financial official said. The plan will open the door for foreign investors to acquire controlling stakes in banks, reversing a rule requiring Algerian firms to keep a majority shareholding in any partnership with foreigners, the official told…

Algeria and ENI sign solar plant deal for south – APS agency

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ALGIERS, Capital Markets in Africa: Algerian state energy company Sonatrach has signed a deal with Italian firm ENI for a solar power plant, state news agency APS said on Friday, as the North African state looks to decrease domestic consumption of gas for power and export more. The 10 MW photovoltaic plant to be launched before the end of 2016 in Ouargla in southern Algeria will supply the company’s Bir Rebaa field with electricity, allowing…

OPEC Under Pressure to Act in Algiers as Surplus Triples

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LAGOS, Capital Markets in Africa: As OPEC prepares to meet in Algiers next week, the oil market is reminding the group’s members what’s at stake if they fail to reach a deal. More than 800,000 barrels a day of additional crude is pouring into the global market this month compared with August as Russia pumps at an all-time high while Libya and Nigeria restore disrupted supplies, according to statements from their ministry officials. That would…

Former OPEC President Optimistic There Will Be Deal in Algiers

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ALGIERS, Capital Markets in Africa: Chakib Khelil, the former Algerian energy minister who steered OPEC the last time it decided to cut supply, said he’s confident the group will reach an accord next week as low oil prices force members to act. With most of the Organization of Petroleum Exporting Countries now producing near full capacity, it should be straightforward to promise no further increases, said Khelil, who was the group’s president in 2008 when it agreed…

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