Algerian oil revenues down 32% in seven months

Algerian oil revenues, the country’s main source of income, recorded a decline of 32.09 per cent during the first seven months of the year due to a drop in crude oil prices, figures released by the Customs Department showed yesterday.

The value of crude oil and petroleum exports amounted to $14.9 billion during the first seven months of the year, compared to $20.9 billion during the same period in 2015, a decline of $6.27 billion.

Fuel exports constitute 93.73 per cent of Algeria’s exports.

A member of the Organisation of the Petroleum Exporting Countries (OPEC), Algeria produces 1.2 million barrels per day.

Source: Donia Al-Watan