Morocco to spend $1.6 billion on oil imports by the end of 2000

Sources at the Moroccan oil ministry have said that the recently rising oil prices will strongly affect the country’s foreign currency reserves, reports Al-Hayat. These sources have estimated that if the per barrel price remains above $30, the value of oil imports into the country will exceed $1.6 billion by the end of 2000.  

Morocco’s foreign currency reserves fell below $6 billion in the first half of 2000, as a result of wheat and oil purchases. Furthermore, the country is expected to spend $2 billion on these products by the end of 2000. –(Albawaba-MEBG)