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Economy

Cameroon: Oil revenues dropped by 28% YoY to XAF197 bln in H1-2020

Cameroon: Oil revenues dropped by 28% YoY to XAF197 bln in H1-2020
  • Comments   -   Friday, 09 October 2020 15:05

(Business in Cameroon) - In H1-2020, Cameroon collected XAF197.1 billion of oil revenues, according to figures published by the Ministry of Finance (Minfi). The revenues are down by XAF79.4 billion (-28.7%) compared with performances in H1-2019.

The Minfi explains that this counter-performance was due to the 39.6% annual drop in the price of oil in international markets. The ministry indicates that oil prices are barely recovering from the price slump recorded in March 2020. According to the Minfi, the average price per barrel was $39.9, way below the $54.4 in the finance law.

The revenues collected by Cameroon during the period under review include XAF152.8 billion of royalties (collected by SNH) and XAF44.3 billion of taxes (collected from oil companies). Compared to the half-yearly forecast of XAF122.3 billion, this equals an implementation rate of 161.2%.  

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