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Algeria Oil Challenges - ASHARQ AL-AWSAT English Archive
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This Nov. 11, 2014 photo shows the commercial harbor of Algiers, Algeria. With oil prices at their lowest in five years, North Africa’s hydrocarbon giant Algeria is feeling the pinch and may have to re-examine generous and massive public spending to confront social unrest. Oil revenues make up 97 percent of the country’s hard currency earnings and 60 percent of the government’s budget and there have been few efforts to diversify the economy in this country of 37 million away from hydrocarbons. (AP Photo/Anis Belghoul)