Crude oil sales for May 2011 approved

SANA'A- Mar 7, 2011- The Supreme Committee on Crude Oil Marketing, headed by Prime Minister Ali Mujawar, approved on Monday the crude oil sales for March 2011, at a total quantity of 6.3 barrels.

The committee decided to sell four million barrels of Masila crude oil, including 750 thousand barrels carried-over from April 2011, for the dated Brent minus USD 2.48 according to the best offered price.

Regarding Marib crude oil, the committee approved the selling of the total quantity amounting to 2.3 million barrels to Aden Refinery Company for the dated Brent without any premium or discount price.

The committee attributed the increase occurred in the May quantities to the change of oil prices in the second quarter of 2011, the higher world prices that led to increase the government's share and the quantity carried-over from last April, in addition to 500 thousand barrels settled with the production companies in the first quarter.

Source: (Saba)