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Algeria’s oil and gas export revenues, which account for around 95% of the total, have fallen by a whopping 41% in 2015 to $35.72bn from $60.3bn in 2014, as a result of the crash in oil prices, according to statistics published by the Algerian Ministry of Finance.
MEES number-crunching indicates that for oil alone the figures are substantially worse: down by 47% to $21.5bn (see p11). Algeria is also a major exporter of LNG and gas by pipe to Italy and Spain. Though the price for these deliveries have also fallen sharply the fall has lagged that of oil prices.
The trade balance has deteriorated dramatically to a deficit of $13.71bn in 2015, with total exports and imports down 40% and 12% respectively, compared to a trade surplus of $4.31bn in 2014. The average price for the country’s Saharan Blend crude was $52.79/B in 2015, down 47%. But crude output fell from 1.15mn b/d to 1.10mn b/d, according to MEES estimates (MEES, 8 January).
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