Algeria to Buy $1.5 Billion Shares in BRICS Bank

Algerian capital (Reuters)
Algerian capital (Reuters)
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Algeria to Buy $1.5 Billion Shares in BRICS Bank

Algerian capital (Reuters)
Algerian capital (Reuters)

Algerian President Abdelmadjid Tebboune said on Saturday his country intends to buy shares in the BRICS New Development Bank (NDB) for $1.5 billion.
On the sidelines of the ninth annual meeting of the BRICS NDB held in Cape Town on August 31, Algeria has been authorized to become a member of this entity.
But Tebboune said his country is no longer interested in joining the BRICS economic alliance in view of the political positions and membership criteria of some of its members.
“We wanted to join the BRICS economic group, but some members blocked Algeria's accession,” the Algerian President said in an interview with representatives of national media, broadcast on Saturday evening on national television and radio channels. He said those members realized they can’t affect Algeria’s dynamic.
On the other hand, Tebboune revealed that the country’s priority now is to build a strong economy. “Building a strong national economy and protecting Algeria from global fluctuations are among the priorities,” he said, emphasizing the importance of domestic production of widely consumed goods.
The President stressed that he could not turn all Algerians rich, but vowed to strengthen the purchasing power of citizens to preserve their dignity and reduce poverty.
“We are exerting efforts to achieve self-sufficiency in basic foodstuffs such as wheat and barley,” he said.
He also highlighted that in 2024, Algeria has achieved “80% self-sufficiency in wheat production.”
Tebboune further asserted that the phenomenon of smuggling, which harms the national economy, must stop, as Algeria plans to create free zones with neighboring brotherly countries.
He said Algeria has a free zone with Mauritania and soon with Niger and then Tunisia and Libya.

 



Oil Steadies as Market Awaits Fresh US Tariffs

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Steadies as Market Awaits Fresh US Tariffs

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices were little changed on Wednesday as traders remained cautious ahead of US tariffs due to be announced at 2000 GMT, fearing they could exacerbate a global trade war and dampen demand for crude.

Brent futures were down 7 cents, or 0.09%, at $74.42 a barrel by 0858 GMT. US West Texas Intermediate crude futures fell 5 cents, or 0.07%, to $71.15.

The White House confirmed on Tuesday that President Donald Trump will impose new tariffs on Wednesday, though it provided no detail on the size and scope of the trade barriers, according to Reuters.

Trump's tariff policies could stoke inflation, slow economic growth and escalate trade disputes.

"Crude prices have paused last month's rally, with Brent finding some resistance above $75, with the focus for now turning from a sanctions-led reduction in supply to Trump's tariff announcement and its potential negative impact on growth and demand," said Ole Hansen, head of commodity strategy at Saxo Bank.

Traders will be watching for levies on crude imports, potentially driving up prices of refined products, he added.

For weeks Trump has touted April 2 as "Liberation Day", bringing new duties that could rattle the global trade system.

The White House announcement is scheduled for 4 p.m. ET (2000 GMT).

"The balance of risk lies to the downside, given that weaker than expected tariff measures are unlikely to drive a significant rally in Brent, while stronger than expected measures could trigger a substantial selloff," BMI analysts said in a note.

Trump has also threatened to impose secondary tariffs on Russian oil and on Monday he ramped up sanctions on Iran as part of his administration's "maximum pressure" campaign to cut its exports.

"Markets likely to be volatile ahead of the final announcements on tariffs and the scale of them. The threat of secondary tariffs on Russian crude continues to provide some support for prices, with more downside risk at present around tariff uncertainty," said Panmure Liberum analyst Ashley Kelty.

US oil and fuel inventories painted a mixed picture of supply and demand in the world's biggest producer and consumer.

US crude oil inventories rose by 6 million barrels in the week ended March 28, according to sources citing the American Petroleum Institute. Gasoline inventories, however, fell by 1.6 million barrels and distillate stocks were down by 11,000 barrels, the sources said.

Official US crude oil inventory data from the Energy Information Administration is due later on Wednesday.