Yemen’s oil export revenue for the first five months of 2014 was a mere $671mn, down close to 40% on the same period last year. San’a typically relies on oil export revenues to finance up to 60% of its budget.

Given average international prices of $110/B Yemen’s Masila Blend crude, the Jan-May earnings figure implies exports of just 40,000 b/d. For May the picture was even worse, with government revenues from oil exports of just $73.4mn, according to latest figures released by Yemen’s Central Bank, down a massive 64% on the corresponding month last year. The May figure implies oil exports of just 21,500 b/d. (CONTINUED - 710 WORDS)