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Further volumes were shaved off Yemen’s already dwindling oil output this week, as two of the biggest foreign oil companies operating in the country significantly scaled back their activities, in response to the deteriorating security situation in the country.
Saudi-led coalition airstrikes have now been targeting Shi’a Houthi targets across Yemen’s western provinces for eight days straight after Yemeni President ‘Abd Rabu Mansur Hadi called for intervention as the Houthis, who Saudi Arabia accuses of being Iran’s proxy, advanced toward Aden, where he had taken refuge before fleeing to Riyadh.
And though the strikes are yet to explicitly target either of the country’s two main oil heartlands Marib and Hadhramaut, both Norwegian independent DNO and France’s Total have begun reducing staffing levels at their projects, and in DNO’s case, halted production altogether . (CONTINUED - 1189 WORDS)