The Algerian Ministry of Energy said on Sunday that the country’s exports of oil and gas fell 11 percent in 2020 to 82.2 million tons of oil equivalent, and that revenues fell 40 percent to 20 billion dollars.
And the ministry continued in a statement, that Algeria’s total energy production decreased 10 percent to 142 million tons of oil equivalent due to restrictions imposed to contain the Corona pandemic.
Refined oil products also decreased by 1.6 percent to 28 million tons, while the country’s production of liquefied natural gas decreased 11 percent to 24 million cubic meters due to maintenance work.
Oil and gas contribute about 60 percent of Algeria’s budget and 94 percent of its total exports.
In drafting the new budget, the government relied on expectations for the stability of the reference price of a barrel of crude oil at $ 40, the stability of the market price for a barrel of crude oil at $ 45 a barrel, and an expected growth rate of 3.98% during the next year 2021, with a growth in the volume of crude GDP outside Fuel by 2.42% in 2021 and 3.37% in 2022, to reach 3.81% in 2023.
It is expected that the budget deficit will increase in 2021 to 13.57% of GDP, equivalent to $ 13 billion.
(Reuters, The New Arab)