Despite attempts to encourage greater diversification, Algeria's economy will remain dominated by the oil and gas sector throughout EIU's 2023-32 forecast period. Hydrocarbons generate more than 90% of export earnings and nearly two-thirds of the state budget. Algeria's oil reserves stood at 12.2bn barrels and its gas reserves at 2.3trn cu metres at end-2020, respectively 0.7% and 1.2% of the world total, according to BP's Statistical Review of World Energy 2022.