Continental Focus, International Reach

Oil and Gas Exports Build Algeria’s Foreign Reserves

Thursday, April 10, 2014

With its foreign reserves built up from oil and gas exports, North Africa’s Algeria enough to cover three years of imports according to the country’s Minister of Finance, Karim Djoudi.

Currently the country’s foreign reserves sit at $194 billion; however, Djoudi said steps could be taken to adjust to any sharp drop in oil prices.

“Every country has the right to take the necessary measures in case there is a crisis,” Djoudi was quoted in a Reuters report when asked about government plans if energy prices fall in the international market.

Algeria’s oil and gas exports account for about 97% of the country’s total sales abroad.

 

 


« GO BACK