North Africa

Algeria

Within Opec, Algeria is perhaps second only to Venezuela in its inability to adapt to lower oil prices since 2014. Massive deficits are the legacy of spending largesse in the wake of the 2011 ‘Arab Spring’. More upstream investment is desperately needed but it's far from clear that the new Oil Law will do the trick.

State of Play

Algeria's chronic economic problems are rooted in an overwhelming reliance on declining oil and gas output. This may fuel political instability for years to come unless the government offers IOCs the incentive to boost investment.

2019 In Numbers
Crude Output 1.04 mn b/d
Crude Exports 0.47 mn b/d
Condensate Exports 0.47 mn b/d
Gas Output 92 bcm
Gas Exports 53.3 bcm
Oil & Gas export revenue 38.3 $bn
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SELECTED DATA

2: Algeria Is Set For Its Seventh Straight Current Account Deficit In 2020 (% Of GDP)

3: Algeria’s Crude Output Is Set For An 18-Year Low In 2020 At Just 900,000 B/D (Mn B/D)

4: Algeria’s Crude And Condensate (Mn B/D) In 9M20 Is Down 23% On Decade Ago Numbers. Exports Are Down By More At 33%

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