Algeria's energy earnings rose 15.27% in 2018 from the previous year due to higher global oil prices, the government said on Feb. 9.
Stronger revenues helped to reduce the OPEC member's trade deficit by 53.73% to $5.03 billion in 2018, according to customs figures.
Oil and gas exports, which accounted for 93.13% of total sales abroad, reached $38.34 billion, up from $33.26 billion in 2017, the figures showed.
The overall value of exports stood at $41.17 billion compared with $35.19 billion in 2017. Imports rose 0.3% to $46.20 billion in 2018, the customs data showed.
Algeria has failed to reduce spending on imports despite import restrictions on some goods, including foodstuffs.
More demand could be around the corner with offshore rig tenders as oil and gas companies step up drilling plans and final investment decisions.
U.S. energy firms this week cut the most oil rigs in about four months, with the rig count falling to the lowest since January 2018, as producers cut spending on new drilling and completions.
A Powder River Basin discovery by Chesapeake, LLOG files Gulf of Mexico plan and a triple-lateral horizontal completion in South Texas top this week’s drilling activity highlights from around the world.