Algeria’s oil and gas exports fell 2.8% year-on-year (YOY) in Q1 2018 due to higher domestic consumption and lowered production, the energy ministry announced, according to Reuters.
Exports for the first three months of the year reached 27.7 million tons of oil equivalent, the ministry reported. Exported crude fell by 8.9% in Q1, while gas and condensate shipments rose by 1.2% and 17.7% respectively.
Overall energy consumption in Algeria rose by 7.1% to 16.7 million tons of oil equivalent, with natural gas consumption rising 9.9% to 12.8 billion cubic meters.
Oil and gas production hit 44.3 million tons of oil equivalent in Q1, a decrease of 0.9% YOY. Crude and condensate production fell by 4.1%, with gas production rising 1.4%.
The output of refined products rose 4.4% to 8.2 million tons.
Energy sector investment dropped a sharp 9.9% to $2.4 billion for Q1. However, energy earnings rose 16% to $9.7 billion on the back of higher oil prices.
Recently, Algeria has been preparing amendments to its energy laws, hoping to attract more foreign investment by introducing stronger incentives.