Algeria: Running on fumes

Few were surprised when, a little over a month ago, Algeria's minister in charge of economic forecasts, Cherif Belmihoub, leaned into the microphone at a state radio station and announced, "Algeria is no longer an oil country." 

Belmihoub's analysis was correct, but only up to a point. Algeria remains very much a country of oil and gas. It's just not making enough money to save the country from penury and sustain the generous state subsidies the government has been hoping would continue as a substitute for fundamental reform.