SABA - Yemen news agency

Print date: 10-12-2018
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Yemen's oil revenues decline in 2014

SANA'A, Nov.03(Saba)- Yemen’s revenues from oil exports decreased to $ 1.2 billion during (January - August 2014), with a decrease of $ 600 million compared with the same period in 2013.

An official report issued by the Central Bank of Yemen attributed the decline to the disruption of production due the continuation of sabotage attacks on pipelines in Marib province.

The pipeline attacks led to a decline in the government’s share of the export amount to 11 million barrels during the past eight months of 2014, with a decrease estimated at over five million barrels from the same period of 2013.

The attacks also caused a decline in the production amounts allocated to domestic consumption to 13.6 million barrels during the same period, with a decline amounted to 3.3 million barrels from the same period in 2013.

According to the report, the government has resorted to import large quantities of oil derivatives from abroad to meet the needs in the domestic market with over $ 1.565 billion during the past eight months of this year, with an increase of $ 113 million from the same period last year.

Aden Refinery Company handles the import process under the guidance of the government, while the CBY shall cover the import bill from the country's foreign exchange reserves.