Algeria says 2011 energy output to fall
OPEC member,
Algeria, expects its energy production and exports to shrink in 2011,
pushing earnings from oil and gas down 4.5 percent on the forecast for
this year, the finance ministry said.
Revenues from oil
and gas sales abroad are set to decline to $42.2 billion from the $44.2
billion forecast for this year, according to a document drafted by the
finance ministry, which was obtained by Reuters.
The forecasts in
the document for 2010 and 2011 are both made on the basis of a nominal
average price for crude oil of $60 per barrel, excluding the influence
of price fluctuations on the forecast revenues.
Asked to explain
the forecast drop in earnings for 2011, finance minister, Karim Djoudi,
told Reuters: “It’s because, regarding quantities, production and
exports will decline.” Algeria supplies about a fifth of Europe’s
energy needs and is also the world’s eighth largest crude exporter.
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