Slump in Oil Prices Alleviates Transfers to EDL to $888.37M by September 2015

According to the Ministry of Finance, transfers to EDL reached $888.37M during the first 9 months of 2015, 40% lower than the $1.49B transferred over the same period in 2014.

This decline mainly resulted from the 41% yearly decrease in payments to fuel and oil gas suppliers KPC and Sonatrach, which reached $871.02M by September 2015.  The lower oil bill resulted from two main reasons:

  • lower quantity of imported fuel oil that dropped by a yearly 2.67%
  • the slump in the average oil price per barrel from $106.58 over the January-September 2014 period to $55.05 over the January-September 2015 period.

Over the same period, EDL’s contribution in the total oil bill rose from 2.1% to 3.5%; However, in nominal terms EDL’s contribution remained almost unchanged at $31.84M.

Contribution of EDL in the Total Oil Bill by September

Slump in Oil Prices Alleviates Transfers to EDL to $888.37M by September 2015

Source: Ministry of Finance

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