Algeria needs the price of oil to be over $100 a barrel for its government’s books to balance. The price of Brent crude, a benchmark, is just over $40
and bandits, as smallpox spread around him, George Bernard Reynolds searched the sands of Persia for oil. The British geologist drilled for seven years—and found little. Finally his financiers said enough was enough: it was time to dismiss the staff, dismantle the equipment and come home. Instead Reynolds kept drilling. And in the early morning hours of May 26th 1908, he struck a gusher. It was the first big petroleum find in the Middle East, but certainly not the last.
The challenge they face is daunting . Take Algeria, which needs the price of oil to be over $100 a barrel for its government’s books to balance. The price of Brent crude, a benchmark, is just over $40. So in May the Algerian government said it would cut its budget by half. Things are no better in Iraq, a big oil exporter, which is nearly broke. Even stable producers such as Oman and Kuwait are living beyond their means.
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