SANA'A, Feb. 07 (Saba) - The State budget will lose about $ 359 million this year if the oil price was $ 65 a barrel, and if it dropped to $ 50 per barrel, the total loss of Yemen will be nearly $ 504 million, Undersecretary of Finance Ministry Ahmed Hajar said.
The government's share of crude oil is estimated at 38 million barrels in 2015, Hajar explained during a seminar organized on Saturday by the Chamber of Commerce and Industry the capital Sana'a in cooperation with the Economic Observatory for Studies and Consultations on the effects of lower oil prices on the Yemeni economy and the government budget.
The total oil production is expected to reach 169 thousand barrels per day and the natural gas production to 167 thousand barrels a day, Hajar added.
Hassan al-Kaboos, head of the chamber of commerce and industry in the capital Sana'a, affirmed the importance of the seminar in clarifying the direct and indirect effects of lower oil prices on the national economy.
Al-Kaboos pointed to the significance of oil and its derivatives for industry, agriculture, commerce and all areas of the modern economy as an essential and assistant factor in all these activities.