Vietnam’s crude oil export volume is estimated at 9.3 million barrels, or 332,205 barrels per day, in January 2007, down 4.5 per cent on month but up 6.1 per cent on year, according to the government’s General Statistics Office (GSO).
Asia’s sixth largest crude oil producer earned US$520 million from outbound shipments in the second month of the year, down 7.8 per cent on month and 8.9 per cent on year.
According to the GSO, Vietnam raked in nearly US$1.1 billion from export of 19.04 million barrels of crude oil in the first two months of 2007, down 17.6 per cent and 5.5 per cent, 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 is now Vietnam’s largest forex earner, contributing 16 per cent to national export revenues in January and February, 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 soon 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 US$1.02 billion in the two 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 US$879 million importing 1.82 million metric tons of petroleum products in the two months, up 12.8 per cent in value and 9.7 per cent in volume. (GSO February 2007)
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