Algeria is finally adopting a realistic oil price of $50/B in its 2017 draft budget, instead of the $37/B “reference fiscal price” which was assumed in all previous budgets since 2009. This bore no resemblance to actual market prices, especially at times when the price of Algeria’s Saharan Blend crude was well over $100/B.

Not only has Algeria shifted to a market-related oil price, but it is also abandoning its awkward practice of understating oil revenue and exaggerating...