Algeria’s Opec+ commitments have seen its crude oil production in the first half of 2020 fall to less than 1mn b/d for the first time in seventeen years. Even without the Opec+ cuts, output would have been declining anyway as years of low investment have taken their toll.
Crude and condensate output combined in the first half of 2020 came in at 1.38mn b/d which is the lowest level since at least 1993. Condensate output on its own at 434,000 b/d is down 18% on five years ago (see chart 1). (CONTINUED - 796 WORDS)