The production value of Bahrain’s crude oil and natural gas fell to BHD429 million during the first quarter of this year, the Central Information Organisation reports.

This is compared to approximately BHD777m during the same quarter in 2014 and about BHD863m during the same quarter in 2013, reports Bahrain-based Al-Wasat News.

The value of oil and gas production decreased from January to March 2015 by 44 per cent compared with the same period in 2014.

The contribution of the oil and gas sector in the kingdom’s gross domestic product (GDP) fell to 14.54 per cent, due to the drop in oil prices in global markets to less than $60 a barrel.

The fall in oil and gas production value will greatly affect the general budget of the Government of the Kingdom of Bahrain, which is 80 per cent based on oil revenues.

The continued decline in oil prices will lead to lower revenues and thus increase the deficit and its reflection on the public debt, which now stands at more than BHD6 billion, equivalent to 48 per cent of the GDP.

(BHD1 = $2.65 = AED9.74, at the time of publishing)

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