Revenues down 75 per cent year to date
Yemen’s oil revenues continued to fall sharply in June as oil production fell 15 per cent month-on-month, according to the country’s central bank.
The government’s share of oil production was 2.2 million barrels in July, bringing in $136.8m. This was down from the $181.6m the country made from 2.6 million barrels in June, according to the Central Bank of Yemen.
Sanaa produced 3.5 million barrels of oil in July 2008, earning $462m as oil prices hit record highs above $147 a barrel.
The country is struggling to cope with lower prices and lower production levels for oil, which it depends on for 75 per cent of its export revenues.
To date in 2009, Sanaa has made $803.5m from exports of 15 million barrels of oil, marking a 74 per cent fall in revenues and a 44 per cent fall in its take of production. During the same period, June to July, in 2008, the country earned $3.1bn from exports of 27.3 million barrels.
The Central Bank of Yemen only reports on the government’s share of oil produced in the country. The international oil companies (IOCs) working in Yemen are not bound to disclose details of their revenues. Sources at companies operating in the country tell MEED that their production levels have fallen in line with Sanaa’s take.