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The Gulf Arab states are considering imposing economic sanctions against Yemen following the swift power grab of the Arab world’s poorest state by Houthi rebels.
Although not a major oil exporter, Yemen relies on revenues from hydrocarbons exports for around 60% of its revenues. Oil output has been in steady decline since 2002, and recent events have led to further output cuts, with little prospect of a recovery as the northernbased Houthis and Sunni tribes gear up for a battle in the northwestern oil province of Marib. And with foreign oil companies exiting the troubled country on an almost weekly basis, a withdrawal of Arab funds could further cripple the country’s already fragile economy.
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