Syria becomes oil importer as production continues to decline
LONDON — Syria's crude oil production, once the basis of its economy, is falling.
The London-based Oxford Business Group said Syrian oil production would
fall by 7.9 percent in 2008. By 2009, OBG said, oil production in Syria
would
not exceed 350,000 barrels per day.
"Oil has been the mainstay of the Syrian economy for over four decades,
but production passed its peak of 610,000 barrels per day in 1995 and is now
falling even more rapidly than had been forecast," OBG said in a report.
The report said Syria, in contrast to previous forecasts, has failed to
meet domestic fuel demand, Middle East Newsline reported. OBG said Syria must begin to import light crude
oil for gasoline in 2009.
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OBG said oil revenues have dropped to 36 percent of total Syrian
exports. In 2003, oil comprised more than half of Syrian exports as
well as government revenue.
"Natural gas is being viewed as a beacon of hope, with the government
aiming to position Syria as a serious producer and exporter of natural gas
alongside developing it as a regional hub for the transport and processing
of fossil fuels," the report said.
