Petroleum Africa
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Thursday, September 10, 2015
Energy exports out of Algeria dropped during H1 according to the country’s Central Bank. H1 export volumes fell 4.59%, which in turn led to a 43.1% decline in earnings.
The Central Bank said in a report that a state fund used to hold surplus oil revenue to cover deficits, Fonds de Regulation des Recettes, experienced a 33.3% drop in its resources over the past year.
An OPEC member and a major gas supplier to Europe, Algeria relies on energy for 60% of its state budget, and oil and gas exports account for 95% of total sales abroad.
Earnings from energy exports reached $18.10 billion in H1 2015, down from $31.97 billion from the same period in 2014 according to the report.
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