Positive indicators for Algerian economy due to higher oil prices

The average price of Algerian petroleum increased to $17 per barrel due to the resurgence prevailing in petroleum prices on the international market. This price surpassed budget projections this year, which were based on a price of $15 per barrel for 1999.

Economic experts in Algeria say this rise will provide the treasury an increase in income that will enable it to compensate for Algeria's losses from reductions in its oil production according to the recent Hague accord in March, as Algeria decreased its production by nearly 140,000 barrels daily, which helped push oil prices to $14 - $15 per barrel

Algeria depends on petroleum and gas for 95% of its revenues.

These revenues fell sharply last year, as they did not exceed $10.5 billion, due to which Algeria lost an average of $4 dollars per barrel this year adding up to $2.5 billion dollar in losses.