Monday, December 28, 2009
Yes, Yemen has oil.
The Middle Eastern nation - in the south of the Arabian Peninsula, bordering the Arabian Sea, Gulf of Aden, and Red Sea - has been exporting a couple of billion dollars worth of crude oil per year.
But it's oil supplies are shrinking rapidly, and may be totally depleted within 10 years.
As the Yemen Observer notes:
Yemeni crude oil exports decreased to $1.5 billion during the fiscal period from January –October of 2009, compared with $4.2 billion during the same period of 2008, a decrease of $2.7 billion, the Central Bank of Yemen reported.
And the World Tribune points out:
The Carnegie Endowment for International Peace said Yemen was rapidly losing its crude oil reserves.
In a report, Carnegie said Yemeni oil exports, a key source of foreign currency, declined from 450,000 barrels per day in 2003 to 280,000 in early 2009, Middle East Newsline reported.
"Barring any major new discoveries, energy experts generously estimate that Yemen's oil exports will cease in 10 years," the report, titled "Yemen: Avoiding a Downward Spiral," said.