Algeria Crude Oil Production Crude Oil Production in Algeria increased to 1024 BBL/D/1K in September from 1019 BBL/D/1K in August of 2019. Crude Oil Production in Algeria averaged 1175.58 BBL/D/1K from 2000 until 2019, reaching an all time high of 1427 BBL/D/1K in July of 2004 and a record low of 775 BBL/D/1K in February of 2002.
Why is Algeria a major oil producer and exporter?
In addition, Algeria solidified its role as a main oil producer and exporter in the international landscape by joining the Organization of the Petroleum Exporting Countries (OPEC) in 1969. Hydrocarbons massively contribute to the Algerian foreign trade, as oil and mineral fuels account for around 95 percent of the total exports.
Does Algeria export hydrocarbons?
Hydrocarbons massively contribute to the Algerian foreign trade, as oil and mineral fuels account for around 95 percent of the total exports. Nevertheless, after peaking in 2008, the value of petroleum products exported from Algeria has been declining in recent years.
When was oil discovered in Algeria?
The first oil discoveries in Algeria date back to 1956. While French colonizers initially had control of local production, Algeria started to directly manage its oil resources after the 1962 War of Independence. During the process of nationalization of the oil industry, the state-owned enterprise Sonatrach was founded in 1963.