Yemen Struggles as Oil Income Crashes on Lower Prices, Exports

摘要

Oil's contribution to Yemen's income crashed 75% year-on-year in the first seven months of 2009, hit by slumping oil prices as well as lower exports, according to official central bank data. Crude oil exports earned $803.4 million for the government between January and July this year, compared with $3.12 billion in the same period of last year. That is partly because Yemen's average oil price tumbled to $53.70 per barrel, down from $114.60/bbl last year, and partly because the government's share of production fell almost 50% to just under 15 million barrels from more than 27 million bbl last year. Domestic consumption rose over the same period by 2.4 million bbl to 15.5 million bbl.