Yemen's oil revenues increase to $2.6 bln in 2010

Yemen's oil revenues increase to $2.6 bln in 2010

SANA'A, Feb 21, 2011, (Saba) - Central Bank of Yemen (CBY) said on Monday that the government share revenues from oil exports increased in the past year by $ 694 million to reach $ 2.652 billion compared with $ 1.958 million in 2009.

A report issued by CBY, Saba got a copy of it, indicated that this increase is a result of high oil prices in the global markets where an average price of a barrel recorded last year to $ 79.81 compared with $ 63.47 for a barrel in 2009.

The government share revenues of oil exports contributed to increasing Yemen's oil revenues of oil as the government share increased to 33.2 million barrels last year, compared with 30.8 million barrels in 2009 at an increase of 2,3 million barrels.

The increasing of government share of oil exports affected positively with declining the amount of allocated oil for domestic consumption last year which reached 24.7 million compared with 25.9 million in 2009.

Government revenues of domestic consumption estimated at Y.R 370.5 billion as the value of a barrel for the local market equivalent to 15 thousand Y.R.