Algeria oil revenue up

February 6 2012 at 06:26pm

http://sxc.hu/

Algeria generated $71.5 billion in revenue from oil exports last year, a 27 percent increase from 2010, Energy Minister Youcef Yousfi told the El Khabar newspaper published Monday.

He said the rise in oil revenue was due mainly to soaring prices.

“Since 2005, oil prices have topped 100 dollars (per barrel) and oil companies have made huge profits that were unthinkable when the contracts were signed,” he told the newspaper.

OPEC member Algeria is the fourth largest crude oil producer in Africa. - Sapa-AFP

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