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 1.03 mn b/d
Crude Exports 0.49* mn b/d
Condensate Exports 0.35 mn b/d
Gas Output 85* bcm
Gas Exports 45* bcm
Oil & Gas export revenue 33.2 $bn

*Estimated

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SELECTED DATA

1: In Amenas Output Has Gradually Fallen Since A Late 2016 Compression Project Helped Boost 2017 Production To An 8.4BCM Record

2: Algeria's Oil & Gas Revenues Have Slumped Since The 2014 Crash In Oil Prices But Still Make Up Near-40% Of Overall Budget Revenues

3: Algeria's Gas Exports (BCM) Are Lowest Since 1995, While Output Has Slumped From Record Levels In 2016-17 Even With The Onset Of New Projects

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