21 Feb 2025 Issue: 68 / 8 By: James Marriott
Yemen is set for a third straight year of zero oil exports with the Houthis imposing an embargo on shipments. Hopes of a restart of output, exports, and revenues rest on a peace deal. But this looks a long way off. And without it, the internationally recognized Aden-based government faces economic meltdown.
Yemen’s oil sector has been paralyzed since late 2022. Despite shifting frontlines in its decade-long civil war, all the country’s oil and gas resources remain in areas controlled by the internationally-recognized government based in Aden. Nominally the Aden-based government is headed by an eight-member Presidential Leadership Council unifying the various anti-Houthi factions in Yemen. In reality, these groups hold conflicting political interests and influence in various regions in Yemen (see map).
A series of attacks by the Houthis in October 2022 targeted key southern oil and gas terminals, effectively imposing an embargo on exports (MEES, 28 October 2022). With such exports having previously made up 70% of state revenues, the economic impact has been crippling. (CONTINUED – 1943 WORDS)
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IN THIS ARTICLE
Charts
Yemeni Oil Production And Exports Fell During The Civil War And Crashed After Late-2022 Houthi Attacks (‘000 b/d)
REFERENCED MEES ARTICLES
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