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Algeria

Oil & Gas

Algeria boosts oil output by 32,000 bpd with two new fields

OPEC member Algeria has increased crude oil output by 32,000 barrels per day after starting production at two fields, an energy ministry official said on Sunday. Production increased on Saturday when the Bir Sebaa field started producing 20,000 bpd in addition to 12,000 bpd from the Bir Msana field in Hassi Messaoud area, the official told Reuters. Algeria produced an average 1.1 million bpd in July, according to a Reuters survey.

Oil & Gas

Nigeria, Algeria see oil prices staying low for a long time

Oil prices are likely to stay low for a long time after falling more than 40 percent in the past year, said officials from two OPEC nations. Nigeria and Algeria both warned that oil prices, currently at around $60 a barrel, probably won’t recover to the 2011-2013 level of more than $100 a barrel. “You forecast at your own risk, but it seems to me that we should be regarding this as a permanent shock,” Ngozi Okonjo-Iweala, the Nigerian finance minister, said on a panel discussion Sunday in Washington near the end of the International Monetary Fund’s spring meetings. “We should prepare our economies for that eventuality.”

Health, Safety & Environment

Algeria siege inquest ruling due

A verdict will be recorded later in the inquest of British victims of a bloody terrorist siege at an Algerian gas plant. Six Britons and a UK-based Colombian were among 40 hostages who were killed by al Qaida-linked Islamists during a four-day stand-off in January 2013 at the In Amenas complex. Assistant Coroner for West Sussex Nicholas Hilliard QC will hand down a verdict and narrative conclusions at the Old Bailey this afternoon. At the start of the inquest last year, the Recorder of London had said: “Each was wholly innocent of events which unfolded when a group of heavily armed went into the In Amenas gas facility. “Forty innocent people lost their lives, such was the scale of events. Each and every death is a wholly separate tragedy and leaves family and friends devastated and bereft.”