Algerian President Abdelmadjid Tebboune has demanded that state energy firm Sonatrach decrease their planned investment by 50% from $14 billion to $7 billion, according to Reuters.

Tebboune decreed on March 22 that the government cut public spending by at least 30%. This is an attempt by the Algerian government to try to abate the financial pressures that Algeria is facing at present.

This is in response to the recent global oil price crash which has prompted fiscal measures. Oil and gas generates around 70% of total budget receipts in Algeria.