Oil cartel OPEC announced that major producers had proposed to cut output between May and June by 10 million barrels per day. - 'Financial abyss' -Algeria "is on the edge of a financial abyss", according to Luis Martinez, North Africa specialist at France's Sciences Po University. The government decided to slash public spending in March, after oil prices dipped to $22.50. Others worry that Algeria will struggle to diversify its economy away from oil and attract investors. And a continued collapse in oil prices could prove to be the final straw for a country on the edge.

Source: The North Africa Journal April 12, 2020 03:33 UTC