Syria oil output dives to 5% of pre-war level: minister

Daily News Egypt
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Oil prices began to increase with the start of trade in May, with an average price of $67 per Brent barrel, compared to $57 as a maximum price last April. (AFP Photo / Adek Berry)
Syria's oil production has crashed to 20,000 barrels per day, or five percent of its pre-war output (AFP Photo / Adek Berry)
Syria’s oil production has crashed to 20,000 barrels per day, or five percent of its pre-war output
(AFP Photo / Adek Berry)

AFP – Syria’s oil production has crashed to 20,000 barrels per day, or five percent of its pre-war output, Oil Minister Sleiman Abbas said, quoted on Wednesday in the ruling party’s Al-Baath daily.

“The terrorism of armed groups (rebels) and the unjust (Western) embargo imposed on Syria” were to blame for the collapse, he told a session of parliament.

Abbas said output was now running at about 20,000 barrels per day (bpd), compared with 380,000 bpd before an anti-regime uprising erupted in March 2011.

At the same time, gas production has halved to 15 million cubic metres, the minister said.

Abbas said the country, previously a small energy exporter, was being forced to import oil and derivatives at a monthly cost of $500 million.

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