Yemen Government Oil Export Revenues Fall in Jan

Source: Reuters 11/17/2014, Location: Middle East

Yemeni government revenues from crude oil exports dropped almost 35 percent in the first nine months of 2014 to $1.34 billion from $2.04 billion the same period a year earlier, official figures published on Monday showed.

A central bank report attributed the drop to a fall in the government's share of overall oil output to 12 million barrels in the January-September period, from 19 million barrels in the first nine months of 2013.

Fuel imports amounted to about $1.63 billion from January to September 2014, it said.

Yemen is a small producer with proven oil reserves of around 3 billion barrels, according to the U.S. Energy Information Administration (EIA). It produces crude oil under production-sharing agreements with foreign energy companies.

In March 2014 the IAE estimated Yemen's crude oil output, at about 100,000 barrels per day.

Yemen's oil and gas exports have been affected by attacks on pipelines by Islamist militants or disgruntled tribesmen which have led to fuel shortages and a slump in revenues since 2011.

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