Traders fear to buy oil derivatives in Shabwa for decreasing prices

English - الثلاثاء 09 أبريل 2019 الساعة 04:33 م
Shabwa – NewsYemen.net

Saleh al-Kadim, the general manager of the oil company in Shabwa province, eastern Yemen, said that the province is experiencing a severe crisis of oil derivatives for nearly a month.

He added to Newsyemen that the oil agents are afraid of buying oil derivatives for fear of the decreasing prices at markets.

He made it clear that the move also came in coinciding with the improvement of the national currency against the foreign currencies, mainly the US dollar.

He said that the importers of oil derivatives are afraid of declining in the exchange rate after the recent procedures approved by the Central Bank in Aden.

The Central Bank obliged traders or dealers to deal with the national currency through accredited banks.

Al-Kadim said that the prices of oil derivatives will experience a decline and stability in the near future.