Morocco's oil bill rises by 72.9 percent up to October 2004

Morocco's bill of imported crude oil has climbed to 12.3 billion Dhs (around US $1.36 billion) up to October 2004, that is a rise of 72.9 percent compared to the same period last year, according to statistics of the Exchange Office.

Imports totalled 5.2 million tons in the first half of 2004, against 3.54 million in the same period last year, that is a 46.5 percent rise. The rise of the oil bill is notably due to the upsurge of crude oil prices that have reached an unprecedented US $50 the barrel in the latest months, said the Office, noting that imports of refined oil have dropped by the end of October 2004.

The purchase of energy products occupy currently the 4th rank in Morocco's total imports as they stand at 16.4pc against 15.5pc at the end of October 2003.