Algeria’s Sonatrach to invest in increasing crude output
The country’s oil output decreased since August 2008 and it produced 1.04 million barrels/day in February, which was the lowest level since 2002, the reports revealed. With the new investments, Sonatrach’s annual oil production will be more than 230 million tons by 2021.
Algeria had agreed to cut oil output as part of OPEC oil cut deal. The targeted increase in production is likely to affect the decision, which was made to re-balance the global crude oil market.
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