Several foreign oil firms in Yemen were already looking to withdraw even before the start of Saudi-led air strikes in Yemen this week. The latest developments are only likely to accelerate the process.
Crude production is running at 125,000 b/d, down two-thirds since 2010, with revenue down even further due to falling prices (MEES, 19 December 2014). Yemen relies on its relatively-meagre oil and gas exports for around 60% of its revenues. (CONTINUED - 712 WORDS)