The Ministry of Oil announces the initiation of technical procedures to resume crude oil exports.
Yemen’s Oil Ministry Initiates Steps to Resume Crude Oil Exports
The Yemeni Minister of Oil and Minerals announced that the ministry has begun the necessary technical and operational procedures to resume crude oil exports. This initiative follows directives from the President of the Presidential Leadership Council and aligns with the efforts of the Supreme Committee for Marketing and Selling Oil Derivatives, along with relevant stakeholders.
Revenue Support for the Central Bank
The ministry confirmed that export revenues will be deposited into the Central Bank of Yemen. This move aims to bolster the country’s financial resources. Additionally, the ministry highlighted that there are stored quantities of oil available, including over 1.7 million barrels ready for export.
Initial Export Capacity and Future Plans
In the first phase, the export capacity will reach approximately 60,000 barrels per day. This will come from the sectors of PetroMasila, Al-Aqla, Jannah Hunt, Safer, and Kalafali. Concurrently, the ministry has directed producing companies to develop timelines for increasing production and enhancing oil fields. These efforts could raise production capacity by up to 25% within the first month of resuming exports.
Government Commitment to Revitalize the Oil Sector
The ministry emphasized that these actions are part of the government’s broader strategy to reactivate the oil sector. By restoring this vital industry, the government aims to support the national economy and fulfill its commitments to the citizens.
For more details, visit the Yemen TV website.
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