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Algeria’s oil revenue tumbled in 2020, worsening an economic crisis in the North African country which is highly dependent on crude income, according to data released by the Energy ministry on Sunday.
The COVID-19 pandemic had taken a toll on oil prices, ravaging the economies of producer nations.
“The overall volume of hydrocarbon exports reached 82.2 million tonnes of oil equivalent in 2020, for a value of $20 billion, a decrease of 11 percent and 40 percent respectively compared to 2019,” the ministry said in a statement cited by state news agency APS.
The energy ministry said oil income to Algeria’s treasury was down 31 percent year-on-year.
The International Monetary Fund forecasts that Algeria, Africa’s fourth-largest economy, will see a 5.2 percent recession in 2020, along with one of the highest budget deficits in the region.
Algeria’s finance law for 2021 allows for foreign exchange reserves to dip to less than $47 billion, before a gradual recovery in the following two years.
Algeria has long been opposed to borrowing from foreign lenders, but some experts predict it may be forced to do so.
This post was written by Obiajulu Joel Nwolu.
The views expressed here belong to the author and do not necessarily reflect our views and opinions.