Yemen’s oil revenues during the first four months of the year plummeted by more than 25% relative to the corresponding period last year, the country’s state-owned SABA news agency said quoting a report by the Central Bank of Yemen (CBY).
Receipts for January-April 2013 were $910mn – down $322mn from $1.32bn in the four months ending April 2012. The CBY largely blamed the drop in revenue to a two million barrel (16,700 b/d) fall in the government’s share of oil exports coupled with a fall in international oil prices so far this year. “The government’s share of oil barrels was eight million [barrels, ie 66,700 b/d], compared to ten million [83,300 b/d] in 2012,” the CBY said. (CONTINUED - 816 WORDS)