Drop in oil, gas exports in January: Sonatrach explains

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The fall in Algeria’s hydrocarbon exports by 40% in January 2019 (USD2.14 billion in exports against USD3.6 billion in January 2018) is due to many factors, Sonatrach’s Vice President of Sales and Marketing Ahmed El-Hachemi Mazighi said Monday in an interview with APS.

 

In January 2019, “there have been many port consignments because of bad weather. As a result, several cargoes of crude oil, refined products or LNG/LPG have shifted from January to February,” Mazighi said.

“We therefore should not take into consideration January’s figures only, as all liquid products that were due to be shipped via ports  during this month (January 2019) have shifted to February 2019 because of the closing of ports” owing to weather.

Over January and February 2019, Algeria has exported USD6.086 billion against USD6.630 billion during the same period in 2018.

“We have an eight-percent decline which reflects a fall in the average prices of exported products: over the first two months of 2018, the price was 68 dollars/toe (tonne oil equivalent) before dropping to 62.7 dollars/toe in January and February 2019.

In addition, Mazighi said “we have actually recorded a drop in gas exports via pipeline, but should be aware that 95% of our gas is exported to the European market, which is a seasonal market.”

“The winter of 2019 was not as cold as it has usually been in southern Europe. As a result, our clients have sharply reduced their monthly, weekly and daily orders.”

There was also a shrink in the domestic market.

During the first two months of 2019, the volume of exports via pipeline dropped by 23% compared with the same period in 2018, due to a decline in European customers’ demand, according to Sonatrach official.

 

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