Algerian energy minister: hydrocarbon revenues will exceed $50 billion by the end of the year

Algerian Energy and Mines Minister Mohamed Arkab said Algeria’s hydrocarbon revenues will exceed $50 billion by the end of this year.

Arkab said in a speech at a hearing organized by the Finance and Budget Committee of the People’s National Assembly as part of its examination of the provisions of the 2023 Finance Bill that “given the achievements recorded up to September 2022, we expect a 2 percent growth by the end of this year. primary production of hydrocarbons and improved income. The country’s hydrocarbons, which are expected to exceed $50 billion (up 45 percent from 2021).”

He added that the taxation of oil could exceed the levels recorded in the years before 2014, which amounted to about 4,000 billion Algerian dinars per year.

He continued: “Exports outside of hydrocarbons will increase by more than 40 percent compared to 2021 gains, mainly due to increased exports of mining materials and petrochemicals.”

Regarding investments in the energy and mining sector, he indicated that $3.6 billion was disbursed in the first quarter of 2022, up 8 percent from the same period in 2021.

The Minister emphasized that the recent decision of the OPEC and OPEC+ countries to reduce production levels by two million barrels per day will help maintain market balance and price stability in the range of $100 per barrel until the end of the year. .

He explained that oil prices have recovered from the unprecedented collapse that markets saw in early 2020, with the emergence and spread of the coronavirus pandemic, stressing that by the end of September, a barrel of oil had crossed the $109 threshold. 2022 contributed to an improvement in the overall performance of the Algerian economy.

Source: Algiers News Agency.