North Africa’s Economy
Libya: Russian and other mercenaries still impeding oil sector activity in Libya
"force majeure continues on the oil fields and ports that confirmed the presence of elements of Wagner gangs and other armed groups that impede the activities and operations of the National Oil Corporation". Libya's state oil firm lifted force majeure on what it...
Libya: Warlord Khalifa Haftar wants money from oil revenues as condition to lift blockade of oil fields
Libyan strongman Khalifa Haftar announced Friday a conditional lifting of a months-long blockade on oilfields and ports by his forces. "We have decided to resume oil production and export on condition of a fair distribution of revenues" and guarantee they "will not be...
Economy: Plethora of problems are hitting Algerian winemakers hard
Sidi Bel Abbes, Algeria - Algerian winemaker Dahmane Hamamouche used to rise early and rush to work each morning, but he no longer bothers, as his firm chokes on a cocktail of woes. Long accustomed to nasty surprises including unpredictable weather patterns and...
Morocco: Business sector bracing for hard times ahead ($)
The Moroccan economic sector is struggling with the effects of Covid-19. Some businesses are being punished for breaching the confinement rules, others are on the brink of bankruptcy, with the prospect of seeing hundreds of thousands of people out of work. For lack of...
Companies: Series of blunders result in millions of dollars of losses to Algeria oil firm Sonatrach ($)
After the disastrous oil leaks last week that took place on one of its pipelines in El-Oued and the problems that prompted a halt in activity in the LNG facilities in Skikda and Arzew on 7 September, Sonatrach experienced an explosion that reportedly damaged a large...
As Algeria-EU trade deal approaches, Algerian officials want new terms
Algiers, Aug 23, 2020 - Days ahead of a final deadline, activation of a long-planned Algeria-EU trade deal risks unravelling as political and business leaders in the North African country warn it will undermine economic sovereignty. The deal is meant to come into...
Opec reports members’ conformity to lower production, signals market improvements
Opec ministers stuck to an agreement to lower oil production at a monthly meeting Wednesday, underlining that only strict compliance could restore stability to prices undermined by the coronavirus pandemic. Ahead of a virtual meeting of OPEC and non-OPEC producers,...
Libya: Tripoli airport re-opens
Tripoli, Aug 11, 2020 - Flights out of the Libyan capital's only working airport have resumed, after a four-month suspension due to fighting and a shutdown to curb the coronavirus pandemic. The first flights took off Sunday from Mitiga airport in Tripoli's eastern...
Algeria: With a bankrupt economy and poor governance, Algeria wants to revisit its trade agreement with EU
Algiers, Aug 10, 2020 - Algeria's president has requested the country's trade minister reassess a deal with the European Union, ahead of a free trade agreement due to come into effect on September 1. President Abdelmadjid Tebboune asked Kamel Rezig to "carry out an...
Algeria: Currency depreciation, inflation, recession, and the pandemic: an economy in turmoil
Algiers, Aug 9, 2020 - [Photo: Algerian retirees queuing to withdraw their pensions during a cash crunch in July 2020] Currency depreciation, inflation, negative growth, businesses closed: Algeria's economy has been battered by the one-two punch of the coronavirus...