The oil and gas sector has long been the backbone of Algeria’s economy, bankrolling the country’s regime while leaving it vulnerable to volatile markets. Despite the authorities’ stated aim to diversify the economy, analysts fear surging hydrocarbon prices will act as an impediment to reform.
Algeria marked 60 years of independence from France with pomp and circumstance on Tuesday, celebrating “a day of glory for a new era” with nationwide ceremonies and its first military parade in years – all financed by a timely gush in oil revenues sparked by the war in Ukraine.
