Vietnam Crude Oil Export Falls in Volume, Value
Vietnam’s crude oil export volume is estimated at 7.69 million tons of crude oil valued US$3.76 billion in the first six months of 2007, down 6.7 per cent and 10 per cent on year, respectively, according to the government’s General Statistics Office (GSO).
In June alone, the Southeast Asian nation shipped 1.25 million tons, down 8.4 per cent on-month and also down 8.4 per cent on year, it said.
Vietnam earned US$653 million from outbound shipments in June, down 8.67 per cent on-month but down 10 per cent on year, it said.
“The six-month export value fall is attributable to lower global crude oil prices while the shrinking export volume is resulted from the drop in domestic production,” an anonymous Ministry of Trade official said.
An industry official said crude production in many fields is reported at lower output, citing that the production at Dai Hung (Great Bear) oilfield in the first six months is equal to only 6 per cent of this year’s target.
Crude oil remains Vietnam’s largest forex earner, contributing 16.74 per cent to national export revenues in the period from January to June, lower than previous rates, said the GSO.
Currently, without major refining facilities, almost all crude oil is destined for export, while all refined oil products to feed national fuel needs are imported.
Vietnam is predicted to spend $3.32 billion importing 6.36 million metric tons of petroleum products in the six months, up 8.2 per cent in value and 10.5 per cent in volume. (GSO June 2007)
Vietnamese
