Yemen's oil revenues record slight improvement in May
The Source: www.sabanews.net - 06/07/2009
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Yemeni crude oil experts returns amounted to $118.2 million last May compared with $110.3 million in April 2009 due to the improvement in the global oil prices A report issued by Central Bank of Yemen (CBY) said that the exported quantity declined from 2.2 million barrels to 2.1 million barrels during the same period.The report showed decline in Yemen's oil revenues during January - May 2009 reaching $483.2 million, comparing with about $2.103 billion during the same period in 2008 at decline of $1.620 billion (77 percent).The report revealed that the record decline in the oil returns was accompanied by ebbing the government's share from the total oil experts during this period from 19.6 million barrels to 10.2 million barrels with decrement reach 47.9 percent.Yemeni crude oil price rate was counted by average of $ 47.6 per barrel during the last five months tumbling below from $107.3 per barrel in the same period in 2008, the report showed.The government intends to support investments in the non-oil export field as a response to the local and international requests for diversifying the non-oil exports to balance the possible decline in the crude oil exports' returns due to the global financial crisis' consequences.Depending on oil as a main resource in the state's budget will expose Yemeni economy to disaster, economists said.According to the share-production agreements signed with the foreign oil companies, the Yemeni government's share from the crude oil exports represents 70 percent of the general budget's resources, 92 percent of Yemen's exports and 30 percent of the gross domestic product (GDP
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