By:almotamar.net - SANA'A- An official report released Aug 26 by the Central Bank of Yemen has shown that the Yemeni government’s share in crude oil rose over the first seven months of 2006 by 6 million barrels (18%) hitting the mark of 39 million barrels. The government’s share in the same period last year was 33 million barrels.
The report shows that the revenues gained from exporting oil has risen to $2.595 billion over the past seven months in comparison to 1.618 billion over the same period last year.
The report attributes the increase in revenues to the increasingly spiking oil prices in international markets in addition to a surge in the quantity and the average price of oil exported per barrel.
The report mentions that the price of the Yemeni crude oil barrel for the period from Jan to July 2006 averages at $65.4.
Revenues from crude oil count for 70% of the State’s general budget. They also represent about 63% of the country’s total exports and 30% of the GDP.