Algeria's Oil, Gas Exports Fall 9% in First Quarter

Algeria's oil and natural gas exports were down 9 percent in the first quarter on year, news agency Reuters reported Tuesday citing a central bank statement.

Export earnings have also declined by 12 percent, the statement said.

Oil and gas production has been stagnant since 2010 in the North African nation due to a fall in exploration activity and a lack of investment from foreign companies, Reuters said.

Crude oil exports fell to 42 million barrels in the first quarter from 61 million a year earlier, the central bank said.

Natural gas exports fell to 7.8 billion cubic metres from 11 billion, it said on its website, Reuters reported.

Condensate exports slipped to 10.6 million barrels from 11.7 million.

LNG sales increased to 7.2 million cubic metres from 6.1 million cubic metres in the January-March period last year, the report said.

The value of total energy exports, which account for about 97 percent of the country's sales abroad, fell by $2.09 billion to $15.57 billion, Reuters reported.