Yemen’s Oil Revenues Double in 2021

A recent government report showed that Yemen’s revenues from crude oil exports saw a notable increase in 2021, the first of its kind in years, and amounted to US$1.418 billion, up from US$710.5 million. last year, an increase of US$707 million, or 99.4%.

The report issued by the Central Bank of Yemen, viewed by “Reuters”, added that the increase in revenues is due to the increase in the Yemeni government’s share of the total value of oil exports to 75.1% in 2021, from 60.3% in 2020, in addition to the rise in the price of oil on global markets, in the second half of last year.

This is the first time in years that Yemen’s oil export earnings have exceeded one billion dollars since the outbreak of the war seven years ago. The oil and gas sector is the most important source of most of the government’s revenue in Yemen, one of the poorest Arab countries, which depends on crude oil exports to finance 70% of budget spending.

Production has now dropped to 55,000 barrels per day, after it was between 150 and 200,000 barrels per day before the war, while in 2007 it was over 450,000 barrels per day, according to official data.