Algerian oil minister, Youcef Yousfi, is calling on OPEC to cut production and raise oil prices as the country struggles to deal with a halving of oil prices from $120 a barrel down to $60. Yousfi said, ‘For us, OPEC has to intervene to correct the imbalance and cut production to bring up prices and defend the income of its member states.’ Algeria currently has enough in foreign currency reserves to cover it’s imports for the next several years, but they are heavily reliant on their oil revenues, which provide 60% of Algeria’s budget and 97% of it’s hard currency income. Algeria may have to face some austerity measures as a result of the drop in oil prices. Whalen MacHale reports for TheStreet from New York.
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