Bahrain Oil Revenues Drop 13.5 Percent
Bahrain's oil revenues dipped 13.5 percent during the first half of this year, compared with the first half of last year, official statistics show, cited by the Gulf Daily News.
Oil exports amounted to a total of BD605.6 million during the first six months of this year, compared with BD700.2 million during the same time last year, show figures from the June issue of the Bahrain Monetary Agency's Quarterly Statistical Bulletin. (BD1=$2.76)
Oil revenues last year were at a 10-year high, totaling BD1.5 billion, compared with BD960 million in 1999.
The drop in oil revenues this year reflects the drop in international oil prices, which were at unusual highs last year.
The Organization of Petroleum Exporting Countries (OPEC) basket price of seven crude oils is currently averaging $24 per barrel, compared with $31 per barrel at this time last year.
However, despite the decline in oil revenues and a slight increase in non-oil imports, Bahrain continued to post a surplus in its balance of trade, as total exports continued to outstrip total imports, said the paper.
Total exports, including oil and re-exports, amounted to BD933.7 million during the first half of this year, while total imports were BD773.5 million.
This resulted in a balance of trade surplus of BD160.2 million for the first half of this year, the paper added.
Bahrain's non-oil exports amounted to BD318.3 million during the first half of this year, compared with BD319.2 million during the same period last year.
On the imports front, oil imports totaled BD271 million during the first half of this year, a decline of nearly 21 percent from BD342.3 million during the same period last year.
Non-oil imports totaled BD502.5 million during the first six months of this year, an increase of 3.5 percent over non-oil imports worth BD485.4 million during the same period last year, the paper said – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)