Yemen has doubled its spending on oil imports this year as attacks on the country’s oil pipeline crippled domestic supply.
Numerous attacks on Yemen’s oil infrastructure have led to a sharp rise in oil imports to satisfy domestic demand. Yemen relies on oil exports to finance around 70% of its national budget and the fall in export sales threatens to cripple the country’s faltering economy.
A report issued by Yemen’s central bank showed that Yemen doubled its import of oil products in 2013 to 18.4 million barrels, which cost the government $2.93 billion. Conversely, Yemen’s oil revenues fell by $833 million to $2.66 billion.
The report said the government’s share of oil output was 24 million barrels in 2013, down from 31 million in 2012.
Yemen’s oil pipeline has been attacked twice in January alone, with tribesman and militants looking to pressurise the government into meeting their demands.
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