Oil production in Yemen is shrinking rapidly and at 80m barrels in 2011 was less than half of what it had been a decade before. According to a report by the Yemen Central Bank released in mid-February, Yemen oil revenues declined by about $87 million between January 2013 and January 2014. Meanwhile, Liquefied Natural Gas (LNG) production has been increasing since its first shipment to South Korea in November 2009, but not enough to compensate for the fall in oil production. The International Monetary Fund estimates that oil accounted for 63% of government revenue between 2010 and 2012 (and accounted for 89% of total exports in 2011). This leaves the economy highly vulnerable to fluctuations in the international prices of oil and gas. The country's oil reserves are relatively limited and could be depleted within 10 years. Gas revenues are set to total US $30-50 billion from 2008 to 2028, and recent discoveries of zinc will expend the extractive sector in Yemen.
Yemen was declared compliant on 1 March 2011. The last report covering 2011 was published on 24 April 2014.
Yemen has been suspended three times from the EITI. It was suspended for a year between June 2011 and June 2012 following prolonged violence and instability. Between February and July 2013, it was suspended due to the dealyed publication of the 2008, 2009 and 2010 reports, and between March and May 2014, for delayed publication of the 2011 report.
Progress has been slow and characterised by distrust over the representation of civil society in the multi-stakeholder group (MSG). Elections for new MSG representatives are still outstanding and are particularly challenging on the civil society side where there are two civil society coalitions.