An Oil Country No More? Algerian Energy Exports Sink Rapidly
- Oil and natural gas sales decreased by around 30% last year
- OPEC member is wary of allowing more foreign energy investment
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Algeria’s energy exports are plunging, threatening more financial suffering for the OPEC member and a potential repeat of the mass demonstrations that toppled the president two years ago.
The North African nation’s struggling to keep up shipments of oil and gas -- the lifeblood of the economy -- as years of mismanagement and a lack of investment take their toll. The decrease is so severe that Algeria might cease to be an crude exporter within a decade, according to Cherif Belmihoub, a minister in charge of economic projections.