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

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INTERNATIONAL. "I believe that in the wake of the Gaza war and the basis on which the ceasefire was established, a new momentum for peace negotiations might have been created."
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QATAR. Price increases may suggest a potential overheating of the real estate sector. Closer analysis, however, indicates that the increase is still within the fundamentals of Qatar's fast growing economy and rapid population growth.
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KUEAIT. There is plenty of potential in the Kuwaiti market, should investor interest remain and the government carries out its proposed spending plans. The government's 2014/15 budget is expansionary, with expenditure growth of 3.2% to US$77.3 billion.
QATAR. Price increases may suggest a potential overheating of the real estate sector. Closer analysis, however, indicates that the increase is still within the fundamentals of Qatar's fast growing economy and rapid population growth.
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