Yemen to sell oil at a premium [Archives:2007/1066/Local News]

SANA'A, July 8 ) Minister of Oil and Natural resources Mr. Khalid Bahah has stated that Yemen will start selling its Al-Masela light oil and Marib light oil at a premium, selling Al-Masela light at US$ 77.49 per barrel and Marib light at US$ 79.24 per barrel. His Excellency added that these prices are the highest ever since Yemen started producing and exporting oil. Yemeni oil is priced in accordance to the Brent Crude, ranging from Brent – 3 to Brent + 3 depending on the buyers of Oil and the international demand and supply got Oil.

This increase in price is a consequence of the Brent crude hitting over US$ 76 per barrel, because of the continuous growth in demand for Oil and the prospected shortage in supply due to the violence in Nigeria and high risks of instability in the Middle East.

A Government report indicated that the Government's income from Oil sales has dropped to one billion and fifteen million dollars during the first half of 2007, compared to over 1.86 billion dollars in the first half of 2006, with a decline in income of 45.59 percent.

Yemen's Oil production has also dropped in 2007 to 16.86 million barrels in the first half of 2007, compared to 29.36 milion barrels in the first half of 2006.
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