BAKU, Azerbaijan, May 16
By Leman Zeynalova – Trend:
Algeria has fully adjusted its oil production under the agreements reached at the 9th and 10th OPEC and non-OPEC Ministerial Meetings, Trend reports with reference to OPEC.
“Algeria has reduced its oil production in full conformity with the agreement concluded on 12 April 2020, expressing his confidence that all the countries signatory to the agreement will respect the voluntary commitments made,” Mohamed Arkab, Algeria’s Minister of Energy and President of the OPEC Conference, said in a statement.
OPEC president emphasized that the oil market conditions and prospects are of concern to all producers and require full conformity with the voluntary production reduction agreement.
The oil and gas sector is the backbone of Algeria’s economy, accounting for about 20 per cent of the gross domestic product, and 85 percent of total exports.
According to BP’s 2018 Statistical Review of World Energy, Algeria is classified in Africa third after Libya and Nigeria for oil resources.
Algeria holds the third largest amount of proved crude oil reserves in Africa, all of which are located onshore, because, there has been limited offshore exploration. Apparently, two-thirds of the Algerian territory remains largely underexplored or unexplored.
At the end of 2018, Algeria had 12,200 million barrels of proved oil reserves, most of them being held onshore.
BP’s 2019 Statistical Review of World Energy states that Algeria’s oil production for 2018 amounts to 65.3 million tons.
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