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Yemen stops oil field investment due to oil price crash

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  27 April 2016 12:00 AM GMT

KOLKATA, April 26: War-hit Yemen has stopped investments in its oil fields after oil prices crashed, said a Yemeni diplomat on Tuesday. “Our government has stopped investments in oil fields after crashing of oil prices and is paying salaries of workers only,” said Tariq Izzaldeen Hassan Al-Mouthen, first secretary of Yemen embassy to India on the sidelines of an semir on India-Gulf Business Exchange, organised by the Bengal Chamber of Commerce and Industry. “Our economy is hit badly due to oil price crash. About 70 per cent of Yemens’ economy is based on oil. “We produce about 0.2 million barrel of oil every day and cost of production is $10 a barrel,” he said. (IANS)

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