Algeria’s Sonatrach achieved record high crude oil exports in October of 2.77m tons of oil equivalent, as opposed to the company’s usual monthly export volumes of 1.9m to 2m tons of crude oil per month, Reuters reported.
Furthermore, the company’s total exports for the first eight months of 2016 reached 71.5m tons of oil equivalent. This is an 8% increase when compared to the 65.4m tons export volumes for the same period in 2015, according to Algeria Press Service. However, the company is projecting a decline of 8% in year-to-date export volumes for crude by the end of 2016, citing the processing of significant quantities of crude in refineries in northern regions.
A source with the company said: “the performance of refineries enables us achieve our refined products export target, i.e. 123% in the first eight months of 2016, and hit a 2% growth compared to the same period in 2015. “ In terms of import costs of fuel, the decrease in imported quantities enabled Sonatrach save up $710m during the first eight months of this year compared with achievements at the end of 2015.
This comes as the company’s total output of crude and oil products is set to reach 69m ton of oil equivalent in 2016, up from 67m in 2015, with natural gas output expected to rise to 132.2bcm from 128.3bcm.