english issue nation ’ s natural resources for their preservation , especially as the preamble to this Constitution refers to the preservation of the country ’ s achievements for future generations . In gas physics and chemistry , there is an empirical rule which says that under normal conditions of temperature and pressure , the same phenomena occur regardless of the place and regardless of the time . In physics too , the principle of causality remains valid and has never been proved false through experiment . According to this principle if a phenomenon called ‘ cause ’ produces another phenomenon called ‘ effect ,’ the ‘ effect ’ cannot precede its ‘ cause ’. In this case , the cabinet meeting of 22 February 2016 is intended to cause an effect . Albert Einstein defined insanity as “ doing the same thing over and over again and expecting different results .” Accordingly , if Algeria wants to avoid facing the famous Ponzi scheme tomorrow , it should avoid repeating the same things . Since 2010 , we have heard myriad official communications on Algeria ’ s energy situation . The same figures , the same statements have been put forward , with one exception , however . It is precisely on this exception that we should dwell so as not to qualify for insanity as defined by Einstein . The matter at hand is these excerpts in the communiqué following the meeting of 22 February 2016 : «... At the end of the debate , the President of the Republic ordered the continuation and intensification of prospecting of natural gas resources . He also insisted on the observance of schedules to improve production capacities in fields already in operation .» By focusing on intensifying exploration of natural gas resources without specifying which , President
Bouteflika puts Algeria in the situation of an athlete on his starting block without firing off the start gun for exploration of nonconventional resources . With regard to this latter , US resilience in facing the Saudi assault allowed the industry to reduce costs by nearly 30 % to raise the level of compliance with the highest environmental standards and also to ensure its sovereignty over its resources . Thus , a double message is sent for decryption . First , Algeria shall retain full sovereignty over the option of exploitation of its natural resources , including unconventional ones , currently estimated at 22,000 billion cubic meters - which would make a lot of countries jealous – and no one other than the Algerian people shall decide the fate of this country . Second , this date of February 22nd reminds those who still want to play puppeteers , that the “ Noh theatre ” play always ends up unmasking the perpetrators . Who deserves the honour to unmask them ? Perhaps another Tabti Rachid , a . k . a . Tony , who charmed Beatrice Halegua and ruined the fleur de lys ’ nostalgia and perfidy .
OPEC sees lower 2016 demand for oil , higher output
The Organisation of Petroleum Countries ( OPEC ) on Monday predicted global demand for its crude oil will be less than previously thought in 2016 . The cartel believes supply from its rivals will prove more resilient to low prices , increasing the excess supply on the market this year . The Organisation of Petroleum Countries ( OPEC ) on Monday predicted global demand for its crude oil will be less than previously thought in 2016 . The cartel believes supply from its rivals will prove more resilient to low prices , increasing the excess supply on the market this year . The OPEC monthly report contrasts with that of the International Energy Agency , which on Friday said producers outside OPEC were cutting production by more than it had expected . In the report , OPEC said it still expected supply from outside the group to fall by 700,000 bpd this year . But it revised up the absolute level of non-OPEC supply in 2015 and 2016 , and said producer efforts to maintain output made its 2016 forecast more uncertain . ‘‘ There has been a reduction in production costs , mainly in the US , as well as increased hedging , with producers choosing to produce with losses rather than stopping production ’’, OPEC said . As a result , OPEC now expects the global demand for its crude to average 31.52mn bpd in 2016 , down 90,000 bpd from last month ’ s forecast . The group pumped 32.28mn bpd in February , the report said citing secondary sources , down about 175,000 bpd from January , mainly due to outages in Iraq and Nigeria . Saudi Arabia told OPEC it kept output in February steady at 10.22mn bpd , after the top oil exporter struck a preliminary deal with fellow OPEC members Venezuela and Qatar , plus non-OPEC Russia , to freeze output . Iran , which wants to regain market share after the lifting of Western sanctions on Tehran rather than freeze output , told OPEC it raised supply to 3.39mn bpd - about 250,000 bpd more than the secondary sources ’ estimate . The report indicates supply will exceed demand by about 760,000 bpd in 2016 if OPEC keeps pumping at February ’ s rate , up from 720,000 bpd implied in the previous report .
OIL & GAS business / NUMÉRO 13 / Mars 2016 / 57