Algeria last produced 1mn b/d of crude oil in April 2020 when a short-lived price war between Saudi Arabia and Russia saw a brief free-for-all before a subsequent Opec+ deal massively cut production to stabilize Covid-hit global oil markets.
By the following month Algeria’s output had fallen 20% to just 812,000 b/d. Though Opec+ quotas allowed for increases during 2020, Algeria’s full year production figure still came in at its lowest level in two decades at 899,000 b/d. (CONTINUED - 1575 WORDS)
