Vietnam’s crude oil export volume is estimated at 9.4 million barrels, or 303,370 barrels per day, in March 2007, down 1.15 per cent on month and 14.24 per cent on year, according to the government’s General Statistics Office (GSO).
Asia’s sixth largest crude oil producer earned US$581 million from outbound shipments in March, down 1 per cent on month and 18.63 per cent on year, it said.
According to the GSO, Vietnam raked in nearly US$1.73 billion from export of 28.66 million barrels of crude oil in the first three months of 2007, down 14.6 per cent and 7.9 per cent on year, respectively.
“The export value fall is attributable to shrinking export volume and lower global crude oil prices compared with the same period last year,” an anonymous Ministry of Trade official said.
Crude oil remains Vietnam’s largest forex earner, contributing 16.5 per cent to national export revenues in the period from January to March, lower than previous rates, said the GSO.
Vietnam is seeking other export sources to replace earnings from crude oil for the future, as exports will decrease to reserve crude for the country’s first oil refinery, underway in central Vietnam.
Garment and textile exports are nearing crude oil export earnings, said the GSO, elaborating that the industry generated some $1.65 billion in the three months.
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 $1.4 billion importing 2.92 million metric tons of petroleum products in the three months, up 13.6 per cent in value and 13.2 per cent in volume. (GSO March 2007)
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