Syria to resume crude oil export soon

Economy & Aftermath

Syria is due to export one million barrel of crude oil to Russia each month in exchange for cash or barter.

The Syrian Prime Minister, Dr.Wael al-Halqi, was quoted as saying during his meeting with Chairman and members of the Journalist Union’s Executive Bureau on Monday that within 25 days we are going to resume crude oil exports.

 Dr. al-Halqi stressed the government’s commitment to secure citizens’ requirements despite sanctions imposed on oils and banks sectors.

Under the decree No.126 recently issued by President Bashar Al-Assad, the government has simplified measures to ensure all main categories to be up for grabs in the local market.

The result of these measures is tangible as citizens are still able to buy everything they need from any supermarket. But the problem is that the prices have tripled at the end of 2011 as the exchange rate jumped a lot (from 47SYP to 1$ – 65-73SYP to 1$) because of the crisis.   

In August, Deputy Premier for Economic Affairs led a delegation of cabinet’s ministers to Russia where talks on ways of alleviating the economic impact of unfair sanctions on Syria were held.

Following the talks, Dr.Qadri Jamil told reporters: “We need oil, oil products. Shortages of these materials are making the situation in the country difficult.”

He added that Syria would deliver oil and receive gasoline and fuel oil, noting that Syria is producing about 200,000 barrels per day.

Due to ban on Syria’s oil export, the Consumer Prices Index (CPI), officially, indicates a decrease in oil export reached about 44.4 per cent as it dramatically collapsed from 13.5 thousands ton in the first quarter of 2011 to 7.5 thousands ton in the first quarter of 2012.

Basma Qaddour

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