In the face of popular pressure, President Bouteflika stepped down after 20 years in power, yet much uncertainty remains about the transition to a new government. Algeria’s growth model of hydrocarbon-financed public spending is not feasible with low oil prices, and wide-ranging reforms are needed.
In this note, we examine the evolution of breakeven oil prices in the six GCC countries, Algeria, Iran, Iraq, Kazakhstan, and Russia. We expect extern