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Yemen reports disastrous drop in energy revenue

CAIRO — Yemen, in addition to fighting off military challenges in its North and South, is facing a sharp drop in oil exports.   

The government said crude oil exports amounted to $1.4 billion for the first 10 months of 2009. A government statement said oil export revenues during the same period in 2008 reached $4.1 billion.

The report by the Yemen Central Bank cited a drop in oil exports in 2009 as well as a decline in prices.

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Yemen reported oil exports of 24.5 million barrels in 2009, compared to 38.8 million last year.

The Central Bank did not cite the reason for the drop in oil exports.

Diplomats said the Shi'ite rebellion as well as Al Qaida attacks in Yemen might have affected production as well as operations by foreign energy contractors.

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