Yemen oil revenues drop

Yemen crude oil exports revenues during the period from January to April, 2013 totaled USD 910 million, down USD 322 million from the corresponding period of 2012. A report issued by the Central Bank of Yemen and carried today by Yemeni news agency (Saba) showed that crude exports dropped during the first third of this year to 8 million barrels compared to 10 million barrels during the corresponding period in 2012. In addition, the global drop in oil prices also affected Yemen’s oil revenues, as the average price of Brent crude stood at USD 99.5 per barrel in last April, while the average price in March was USD107.5 per barrel. The report indicated that the total amount of local market consumption of oil recorded during the period from January to April last year was nearly seven million barrels. Yemen imports of diesel and some oil derivatives, consumed the bulk of government revenues from exports of crude oil. The value of petroleum products imports during the first third of this year, imported to cover domestic consumption needs, totaled USD 885 million.