Macroeconomic Forecast Yemen

Yemen's crude output is set to slip below 300,000 b/d by this year on the back of falling rates from the biggest producer, Canada's Nexen's at blocks 14 and 51, where natural oil declines and rising water levels are having a dramatic impact on output levels. The company has produced almost 90% of the concession's 1bn barrels of reserves, leaving only 50mn still to be easily tapped. The company expects its 120,000 b/d production in 2007 to fall as low as 85,500 b/d by end- 2008. Yemen's oil production averaged an estimated 317,000 b/d in 2007 and BMI anticipates a decline in output to as low as 277,000 b/d in 2008, continuing a slide into 2009.

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