Bahrain’s GDP lost roughly BHD1 billion of oil and gas revenues during the first nine months of 2015, compared with the same period in 2014 because of the global collapse in oil prices.
The contribution of the oil and gas sector in the GDP amounted to approximately BHD1.47bn during the first nine months of 2015, compared with BHD2.45bn in the same period of 2014, shedding nearly BHD1bn.
The added value of crude oil and gas in the Bahraini GDP decreased to 16.24 per cent during the first nine months of 2015, compared with 25.5 per cent during the same period of 2014, Al-Wasat News reports.
The added value of crude oil and gas is expected to go down during the fourth quarter of 2015, due to drop in oil prices to $36 to $40 per barrel.
The monthly average price of Bahraini oil in the global market ranged between $38 and $62 per barrel during 2015, reaching $44 in January, $54 in February and $ 52 in March. Prices briefly rose again to hit $ 57 in April and $62 in May. Nonetheless, they resumed a downward trend through the summer – selling for $61, $54 and $46 in June, July and August, respectively – as well as the autumn month ($44, $45 and $38 in September, October and November, respectively).
It’s worth mentioning that Bahrain produces 200,000 barrels of crude oil per day, of which 150,000 barrels come from Abu Safah Oil Field and another 50,000 come from the Bahrain Oil Field.
The country’s gas production is consumed locally by the power plants that use gas to produce electricity, as well as by large factories such as the Bahrain Petroleum Company (Bapco) and Gulf Petrochemical Industries (GPIC), among others.
(BHD1 = AED9.74, at the time of publishing)