A drop in oil prices may bring more revenue to the Algerian budget because it will lead to a stronger dollar, the country's finance minister was quoted as saying late Wednesday.
His statements, reported by state newspaper El Moudjahid, may alleviate some concerns that a drop in the oil price, which fell under $68 a barrel Thursday, will hurt the economies of oil producers.
Algerian Finance Minister Karim Djoudi said the lower oil price "should influence (negatively) our tax and exports revenue, but this is offset by the fact the dollar will strengthen against the euro.
"Thus what we will lose in the price of the barrel will be balanced" by the stronger dollar, he said.
Oil barrels are sold internationally using the dollar currency but countries like Algeria buy a large part of their imports in euros.