Yemen Oil Revenue Falls Below Cost of Importing Fuels

Yemen’s government for the first time spent more to import fuel for domestic use than it received for crude oil export sales, the state news agency reported.

Oil export revenue fell 26 percent during the first half of the year as output dropped, Saba reported, citing a Central Bank of Yemen report. Export sales were $1.328 billion while the government spent $1.368 billion on imports for the first half of the year.

Domestic consumption of imported fuels reached 10.6 million barrels as exports fell 25 percent to 12 million barrels from 16 million barrels in 2012. The nation, which has an estimated reserve of 3 billion barrels of oil, produced an average of 180,000 barrels a day last year, down 21 percent from 2011, according to data compiled by Bloomberg.

Petroleum accounts for about 70 percent of the government’s revenue, according to the U.S. Central Intelligence Agency’s World Factbook.

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