Yemen's revenues of oil exports drop

The government's revenues from oil exports amounted to $254.8 million during the first quarter of 2009 compared to $998.8 million during the same period last year, signaling a decrease of about $744 million, 26sep.net reported on Tuesday.

According to official statistics, the decrease in oil export revenues refers to the reduction in the exported quantity of oil to 5.9 million barrels compared to 10.4 million barrels last year, in addition to the falling price per barrel of oil which fell to $43.1 compared to $96.3 previously.

Oil exports represent nearly 90 percent of total Yemeni exports and contribute to around 24 percent of the state's general budget during 2008.

Oil revenues are the essential component in the general revenues of the general budget.

Economists have called for diversifying the state's general revenues by developing non-petroleum resources and eliminating tax and customs violations and smuggling.

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