In a move that will do nothing to improve an already alarming production outlook, Algeria has slashed its five-year investment plan by $17bn.

With depressed oil and gas prices rapidly depleting Algeria’s coffers, state-owned Sonatrach has downsized its five-year plan for oil and gas investment to $73bn (officially “more than $73bn”) for 2016-20, down from $90bn for 2015-19, which in itself was down from its $100bn 2014-18 plans (MEES, 11 July 2014).

While Sonatrach...