Sana’a: Yemen lost nearly $1 billion (Dh3.6 billion) of its oil revenues over 2014 compared to 2013, according to an official report.
The report, which has been issued by the Central Bank of Yemen (CBY), explained that Yemen’s revenues from the value of oil exports fell to about $1.6 billion in the last year, compared with more than $2.6 in 2013, by a dramatic decrease amounting to $989 million.
The reasons for the decline lie mainly in the weakness productivity of Yemen, the drop in global oil prices and the exposure of oil pipeline Marib-Hodeidah to several sabotage attacks, Yemen News Agency (Saba) said, citing the CBY report.
The report revealed that Yemen’s share of the exported oil amount has dropped to 17 million barrels last year, compared with more than 24 million barrels in 2013, with a decrease of seven million barrels.
The oil amount allocated for domestic consumption fell to 18.6 million barrels last year, compared to about 20.8 million barrels in 2013, with a decrease of 2.2 million barrels, the report added.
In view of that, the government resorted to cover the gap between the amount of production and domestic consumption by importing quantities of fuel from abroad.
The value of the imported fuel in last year amounted to more than $2.1 billion, which was covered by the CBY, according to the report.
