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FINANCIAL NEWS
Algeria expects decline in energy output
27 Oct 2010
(MENAFN) Algerian Finance Minister said that the Opec member 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, Reuters reported.
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 the finance ministry.
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.
It is worth mentioning that Algeria supplies about a fifth of Europe�s energy needs and is also the world�s eighth largest crude exporter.
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