Vietnam’s crude oil export volume is estimated at 8.85 million tons valued at US$4.43 billion in the first seven months of 2007, down 8.6 per cent and 11.3 per cent on year, respectively, according to the government’s General Statistics Office (GSO).
In July alone, the Southeast Asian nation shipped 1.2 million tons, down 1.17 per cent on-month and 16.67 per cent on year, it said.
Vietnam earned $672 million from outbound shipments in July, up 3 per cent on-month but down 17 per cent on year, it said.
“The seven-month export value decline is attributable to lower global crude oil prices than that last year but the global July oil price hike raises the value up,” an anonymous Ministry of Trade official said.
He said the average export price of crude oil in July is estimated at $76 a barrel, compared with $64.4 a barrel in the entire seven month period.
Meanwhile, a source from state-owned oil monopoly group PetroVietnam said the oil output is not as high as expected this year, adding that the group has to cut the target by roughly one million tons of crude to 16.8 million tons.
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, principally due to a 73-day spell of production suspension.
Crude oil remains Vietnam’s largest forex earner, contributing 16.5 per cent to national export revenues in the period from January to July, 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 $4.04 billion importing 7.55 million metric tons of petroleum products in the seven months, both up 12 per cent. (GSO July 2007)
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