Syria Oil Exports, Output Plunge

November 28, 2013

Syria's oil exports have dramatically plunged during the first quarter of 2013 as oil output is tumbling, said a recent economic report issued by the Syrian Cabinet, Xinhua reported on November 28.

The report, published by Tishrin newspaper on November 27, said oil exports dropped from 0.99 million barrels during the first quarter of 2012 to 0.66 million barrels during the first three months of 2013, a decrease by about 33.3 percent.

Meanwhile, the report said imports of oil derivatives have increased from around 170,000 tons during the fourth quarter of 2012 to around 433,600 tons during the first quarter of 2013, an increase by 155.2 percent.

The report said the value of oil and gas derivatives reached 844.25 million US dollars during the first quarter of 2012, while the value of crude oil imports and oil derivatives and clean gas reached 1,147.6 million dollars during the same period of 2013.

It indicated that there was a retreat in the output of crude oil from 1,229,100 tons during the fourth quarter of 2012 to around 772,540 tons during the first quarter of 2013, a decline by about 37.1 percent although some 2,553,800 tons of crude oil were produced during the first quarter of 2012.

Oil, the lifeline for the Syrian economy, is at risk as the main oil fields locate in rebel-held areas in northeast Syria and is erroneously used by gunmen, a report issued by the state's media said recently.

It said that 40,000 oil barrels were stolen on a daily basis, causing 1.4 billion dollars in direct material losses and 17.7 billion in indirect losses till the end of the third quarter of 2013.

Copyright: Xinhua, 2013