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Oil Price

Yemen

Crude oil production, crude exports & imports, petroleum consumption and petroleum product imports:

yemen_eia_crude_production_exports_consumption_1980_2010

Data from: http://www.eia.gov/cfapps/ipdbproject/iedindex3.cfm

Petroleum net exports:

yemen_eia_energy_profiles_1980_2009

Screenshot from: http://www.eia.doe.gov/country/country_energy_data.cfm?fips=YM

World Bank report:

Dec 14, 2010

Yemen is an oil-dependent economy that faces a rapidly declining oil production. On average, 85 percent of exports and 65 percent of fiscal revenues were derived from oil exports and domestic oil trade since 2000. The production peaked in 2001 and has since declined at a rate of about 3 to 4 percent per annum. Yemen is forecast to become a net-importer of petroleum products in 4 to 5 years, if no new oil is found and current policies, including subsidizing domestic energy consumption, is maintained.

For the time being, Yemen’s oil sector remains the main source for foreign reserves and key for the fiscal balance. Oil production accounts for 10 percent of the country’s GDP.  Fiscal revenues from oil have dropped from 16 percent of GDP in 2008 to 7.4 percent of GDP in 2009, because of declining production and international prices. The non-hydrocarbon revenues run at about 8 to 9 percent of GDP.

Yemen’s prospects depend on the hydrocarbon sector for the short–term and on the identification of new sources of economic growth over the medium–term. While oil production is expected to continue to decline, the production and export of liquefied natural gas (LNG) via the Yemen LNG project (YLNG) will offer some cushion, but cannot compensate for the loss of oil exports over time.

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