The country’s dependence on hydrocarbons in the total energy mix rose to a massive 97.3% for January-September 2012. Exports totalled $56bn of which the top destinations were the US ($9.45bn), Italy ($8.85bn), Spain ($5.51bn), France ($4.42bn) and the Netherlands ($3.96bn).
Rising export revenues on the back of oil prices repeats the picture for 2011 when export revenue soared by 26% from $56bn to $72bn on the back of a $32/B rise in the price Algeria realized for its oil exports. This came despite a 4% fall in domestic hydrocarbon production and rapidly rising domestic consumption. (CONTINUED - 253 WORDS)