South Sudan’s oil revenues fell by 75% to $60 million a month, amidst renewed conflicts between troops devoted to President Salva Kiir (photo) and troops loyal to Vice President Riek Machar.The International Monetary Fund (IMF) has before now notified of economic ruins for the country

The country, which split from Sudan in 2011, is at present producing oil at 160,000 bpd, in spite of a drop in production caused by the ongoing conflict.Crude Oil accounts for 97% of the South Sudan's revenue as the fall in the global oil price has affected the country’s economy.For the Africa’s newest country oil will continue to generate revenue, it is vital that it flows via the Sudanese territory as South Sudan depend on Sudan to transport crude oil for export.

At the beginning of July, President Kiir asked companies present in the country and the oil minister, Dak Duop Bichiok, to recommence production which was suspended due to a dispute between South Sudan and Sudan over transit fee charges. The President also ordered them to increase works on oil refineries that were damaged or had faced delays in completion as a result of the conflict that took place between December 2013 and August 2015.

According to the Oil Minister, the works would take five months to complete, Oil Review Africa reports.

Anita Fatunji