ALGERIA REDUCES CRUDE OIL EXPORTS DUE TO GROWING LOCAL DEMAND

ALGIERS, -- Algeria's state-run energy group Sonatrach said on Saturday that it reduced the crude oil exports by eight percent during the first eight months of 2016 due to a growing demand by local refineries.

"The performance of the refineries has enabled us to achieve our objective of reaching a two percent growth of exporting refined products during the same period," read a statement of Sonatrach.

The policy of increasing refinery capacity has enabled Algeria to reduce quantities of imported fuels and therefore save US$710 million in the first eight months of 2016, the statement said.

As the quantities of export crude oil have dropped, hydrocarbon exports have been up by eight percent during the same period.

Sonatrach expects to increase hydrocarbon outputs from 2018 to reach 225 million ton of oil equivalent, compared to 195 million in 2013.

Source: Nam News Network