Petroleum Africa
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Sunday, October 14, 2018
Algeria’s oil and gas export volumes for the first half of 2018 dropped. According to the country’s Central Bank, volumes were down 3.6% compared to the previous six months.
The bank did not give reasons for the drop in exports but the Ministry of Energy said after a first quarter decline that a decrease in production and a rise in domestic consumption had contributed to a 2.8% decline in oil and gas exports.
“The drop in the exported quantities of hydrocarbons, that started in the first half of 2017, continued,” the bank said in a report.
While export volumes were down, Algeria’s earnings from energy exports were up. The company’s energy earnings for H1 were $19.32 billion, a 19.6% percent rise from the same period in 2017. The increase in revenues is attributed to the rebound in the price of crude.
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