NOC: oil revenues drop 25% in June

NOC: oil revenues drop 25% in June

July 18, 2019 - 08:34
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Written By: SafaAlharathy

The National Oil Corporation (NOC) said that sales of crude oil and its derivatives in June amounted to $ 1.7 billion, a decrease of $ 580 million, about 25 percent, compared to May.

The company explained in a statement Wednesday that oil and gas revenues in the first half of this year amounted to 10.3 billion US dollars, 11.25 percent down compared to the first half of last year.

"The electricity crisis had a severe impact on oil revenues in June, which caused production losses to the Arabian Gulf Oil Company, estimated at about 70 thousand barrels per day of the total production," the NOC added.

The NOC head, Mustafa Sanallah, said that the company can increase production by more than 400,000 barrels per day by developing infrastructure, moving ahead with outstanding deals, and attracting new investments, should funds be made available and the institution was spared the ongoing conflict.