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Oil and natural resources

Algeria, whose economy is reliant on petroleum, has been an OPEC member since 1969. Its crude oil production stands at around 1.1 million barrels/day, but it is also a major gas producer and exporter, with important links to Europe. Hydrocarbons have long been the backbone of the economy, accounting for roughly 60% of budget revenues, 30% of GDP, and 87.7% of export earnings. Algeria has the 10th-largest reserves of natural gas in the world and is the sixth-largest gas exporter. Algeria is already the EU's third largest gas provider (behind Ru ssia and Norway), supplying approximately 8% of the EU's gas supplies in 2021 via pipelines across the Mediterranean Sea. Algeria also has a liquefied natural gas (LNG) terminal to export gas via shipThe U.S. Energy Information Administration reported that in 2005, Algeria had 160 Tcuft of proven natural-gas reserves. It also ranks 16th in oil reserves.