The oil and gas revenue of Algeria's state-owned oil and gas company Sonatrach is expected to fall by $10 billion in 2020, the country's energy minister said on Tuesday.
Speaking on state radio, Abdelmadjid Attar said Sonatrach's revenue is estimated to decline from $33 billion in 2019 to $23 billion in 2020 due to the coronavirus pandemic.
According to a statement by the Algerian energy ministry, Sonatrach's exports declined by 41% in September compared to the same period of last year.
"We are in a difficult economic situation," said Attar.
Oil production from Algeria, considered among Africa's largest oil producers and a member of the Organization of Petroleum Exporting Countries (OPEC), amounted to around 1.49 million barrels per day in 2019.
(Anadolu Agency, October 20, 2020)
