Algeria's energy earnings rose 18.2% in the first 10 months of this year from the same period in 2017, pushing down the trade deficit by 58.65%, official figures showed on Nov. 25.
Oil and gas exports, which accounted for 93.17% of total sales abroad, reached $31.795 billion, up from $26.896 billion in January-October last year, according to customs data.
The overall value of exports reached $34.126 billion, against $28.424 billion in the first 10 months of 2017, while imports fell 0.35 percent to $38.240 billion.
The North African country has imposed import restrictions in an attempt to cut spending after a fall in energy revenues since 2014.
Drillers cut nine oil rigs in the week to March 22, bringing the total count down to 824, the lowest since April 2018, Baker Hughes, a GE company (NYSE: BHGE), said in its weekly report.
The independent U.S. energy producer aims to take a final investment decision on the $20 billion project in the coming months, having signed up long-term buyers for its LNG.
The first circulated draft of the much anticipated hydrocarbon law in Algeria, has shown that the government has loosen up the law in a move that aims to attract more foreign investors to the energy sector in Algeria. The question is, will it be passed amid contentious political transition?