Yemen oil revenue drops on lower prices
Source: BI-ME and agencies , Author: BI-ME staff
Posted: Fri September 18, 2009 7:40 pm

YEMEN. The Central Bank of Yemen said oil revenues for the first seven months of 2009 fell to US$803.4 million from US$3.1 billion during the same period in 2008.

The Central Bank of Yemen blamed the decline in national oil revenue on the decrease in global oil prices. Oil prices soared above $140 per barrel in July 2008 before collapsing below US$40 as the economic recession took hold.

The bank report shows domestic consumption, meanwhile, increased during the reporting period to 15.6 million barrels per day, up from 13.2 million in 2008, the official Saba news agency reports.

Yemen had recorded steady losses in revenue from its energy sector, forcing the government to look to non-oil investments.

Yemen’s foreign reserves also fell by US$316 million to US$6.79 billion at the end of July down from US$7.1 billion in June, the bank said. The reserves reached a record high of US$8.47 billion in July 2008.

The U.S. Energy Information Agency shows similar trends in the overall Yemeni energy sector, with reserves declining at least since 2006.

Toward that end, the government plans to expand its capacity for liquefied natural gas with the aim of exporting its first gas shipments by the end of the year.

Oil export earnings account for 70% of budget revenue in Yemen, a non-OPEC oil producer that pumps around 270,000 barrels of crude per day.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: November 25, 2014
INTERNATIONAL. In the end, it is unlikely that the territorial Islamic State can survive. The truth is that Turkey, Iran and Saudi Arabia are all waiting for the U.S. to solve the problem with air power and a few ground forces. These actions will not destroy IS, but they will break the group's territorial coherence.
date:Posted: November 25, 2014
BAHRAIN. The "increasingly deregulated and competitive economic environment is facilitating rapid growth in business development within the private sector."
date:Posted: November 25, 2014
INTERNATIONAL. Participants in the global oil market are eagerly awaiting the Opec meeting on November 27, which could potentially set the tone and the direction of oil prices.
INTERNATIONAL. In the end, it is unlikely that the territorial Islamic State can survive. The truth is that Turkey, Iran and Saudi Arabia are all waiting for the U.S. to solve the problem with air power and a few ground forces. These actions will not destroy IS, but they will break the group's territorial coherence.
dhgate