Algeria reduced its hydrocarbon exports by 11 per cent to 82.2 million tonnes of oil equivalent (TOE), the country’s Ministry of Energy has said.
According to the ministry, the total volume of hydrocarbon exports in 2020 reached 82.2 million TOE amounting to $20 billion, “i.e. down by 11% and 40% respectively compared to 2019.”
Oil exports from the North African country stood at 571,000 barrels per day in 2019, while exports of the natural gas were 42.5 million cubic meters (over 1.5 billion cubic feet), in line with the data from the Organisation of the Petroleum Exporting Countries.
With Algeria ranked in the world’s top ten gas producers, authorities adopted in November 2019, a law on hydrocarbon resources, designed to facilitate the work of foreign companies.
The law is also expected to boost the inflow of much-needed investment in the country’s oil industry, which has been halted and required foreign investments in order to recover.
Earlier in the month, Algerian Energy Minister Abdelmadjid Attar expressed hope that oil prices would remain above $50 per barrel in the first half of 2021.