Economy

Minister of Energy: Revenues from hydrocarbon exports increased to 24 billion dollars at the end of September

Algeria’s revenues from hydrocarbon exports rose to 24 billion dollars at the end of last September, a significant increase of more than 9 billion dollars (+62 percent) compared to the same period last year, driven by the doubling of the volume of exports through pipelines, as stated on Tuesday in Algeria by the Minister of Energy and Mines, Mohamed Arkab.

Arkab indicated, during a hearing by the Finance and Budget Committee of the People’s National Assembly, as part of discussing the measures of the 2022 Finance Bill, that this increase was recorded thanks to the increase in the volume of hydrocarbon exports (+22 percent), which amounted to 72 million tons of oil equivalent.

This improvement came thanks to the doubling of national exports of natural gas by pipelines (+94 percent), which exceeded 30 billion cubic meters during the first nine months of 2021, compared to 16 billion cubic meters during the same period in 2020.

Meanwhile, the minister adds, this increase in income is due to the “significant rise” in oil prices (+67 percent), as the average price of crude reached $69 per barrel at the end of last September, compared to $41 in the same period of 2020, i.e. a difference of 28 Billion dollar.

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