The recent rebound in oil prices coupled with rising gas exports, with the prospect of more to come, holds out hope for Algeria that 2018 might see the end of a run of three straight trade deficits totaling $43bn.

Algeria has seen its export revenues jump over the last two months as gas shipments to key customers Italy and Spain have risen to the highest level since the first quarter. Prices for Algeria’s Saharan Blend crude hit $63.23 in November, the highest figure since May 2015,...