Yemeni oil revenues decline in first 10 months 2014

An Economic report revealed on Saturday that Yemen revenues from oil exports have declined during the period between January and October this year by USD 800 million, when compared to the same period last year.
The report, issued by Yemen Central Bank, said that oil exports' revenues during the same period USD 1.455 billion.
The report pointed out that the sharp decline in revenue is primarily due to the decline of Yemen's exported oil, which reached nearly 14 million barrels during the same period.
The significant deficiency amounted to nearly seven million barrels compared to the corresponding period in 2013 coupled with sabotage attacks, which affected pipelines between Maareb fields in the north and export port, located in Ras Issa Hodaida, in the western province of the country, which also caused the decline in exports and the share of the domestic market of fuel.
According to the report, domestic oil consumption reached around 17 million barrels from January to October, a million barrels decrease.
The report noted that the government has resorted to import large quantities of oil products to cover the needs of the local market as a result of the gap between domestic demands and through Aden and Marib refineries.
The total value of imports during the same period reached USD 1.771 billion as the central bank paid the import bill.