North Africa


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.

2020 In Numbers
Crude Output 0.899 mn b/d
Crude Exports 0.36 mn b/d
Condensate Exports 0.25 mn b/d
Gas Output 87.7 bcm
Gas Exports 38.2 bcm
Oil & Gas export revenue 20.2 $bn
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Algeria’s Oil And Gas Revenues Have Mainly Moved In Line With Oil Prices, But Exports Volumes Have Also Fallen Considerably

Augusta Refinery Feedstock ('000 b/d): Sonatrach Tried And Failed To Make Its Extra-Light Saharan Blend A Key Input After Buying The Plant At End-2018

Algeria's Rising Domestic Gas Use Has Gradually Eaten Into Export Volumes

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