Organization of the Petroleum Exporting Countries (OPEC) member, Algeria, had overproduced the organization’s self-imposed quota of crude oil production throughout the year 2002. Output culminated in May 2002, reaching 830,000 barrels per day (b/d), according to Platts survey.
Algeria's crude oil production quota was set at 693,000 b/d as of January 1, 2002, significantly below the country's production capacity of 925,000 b/d. The government is seeking to increase production capacity to 1.5 million b/d by 2004.
In the previous month of April, Algeria’s production totaled 810,000 b/d, up from the 800,000 b/d rate maintained in March 2002. The North African country pumped 790,000 b/d and 800,000 b/d in the months of February and January, respectively. Algeria's crude oil production during the first 10 months of 2001 averaged 827,000 b/d.
With proven oil reserves officially estimated at 9.2 billion barrels, Algeria ranks as the world’s 16th largest oil producer, sitting atop nearly one percent of the world’s crude oil reserves. Unlike most other OPEC members, Algeria's oil sector has been open to foreign investors since the 1990s. The country’s largest oilfield is Hassi Messaoud, which produces 400,000 b/d, followed by the Rhourde El Baguel field. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
