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Yemen’s state coffers are set to take a big hit in the first half of 2015 as oil export revenues slide for the third year running on a combination of lower export volumes, and significantly lower global oil prices.
Yemen’s crude oil production – and in turn its exports – have been on a downward trajectory since the early 2000s, when output averaged just over 450,000 b/d. Regular attacks on its oil production and transport infrastructure, coupled with a dearth of major international oil companies (IOCs) willing to operate in Yemen, has left the oil sector in a state of disarray, with little hope of a turnaround.
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