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Sanctions, saboteurs take toll on Syria's oil industry
11/14/2011
Syria's Oil Minister Sufian Allaw acknowledged that sanctions recently imposed by the US and the European Union have reduced his country's production of oil to 270,000 b/d or less from its normal rate of 380,000 b/d.
"The imposed sanctions affected the exportation of crude oil and oil derivatives to Europe," said Allaw. In view of depressed exports to the EU, Allaw expressed hope that Syria's government will be able to locate alternative markets for the country's output.
"Syria's oil productivity might increase according to the size of exports and storage capacity," Allaw said. Syria earns 28% of its annual revenue from oil sales, with Europe buying about 95% of its ou...
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