Algeria’s Foreign Reserves Grow to US$ 186.32 Billion in June
Currently, Algeria produces an average of 1.2 million barrels per day of oil. Algeria’s foreign reserves grew by 2.2% to US$ 186.32 billion at the end of June 2012 comparing it to June 2011. In the first half of 2012, Algeria’s oil and gas exports fell by 2.29% and the value of oil exports increased by 4.05% due to higher global oil prices.
The country also wants to further expand energy development in shale gas and offshore production. Sonatrach, the Algerian hydrocarbon state-owned enterprise, has entered into agreements with foreign partners to develop the potential of shale gas drilling.
Algeria is a member of OPEC.