Market News
Syria exports oil for the first time in 14 years - REUTERS
The country shipped 600,000 barrels of heavy crude by tanker on Monday (September 1).
That marked its first official export in 14 years, though it’s a far cry from years past.
Back in 2010, Syria exported 380,000 barrels every day.
That was before protests against Bashar Al-Assad’s rule spiraled into the country’s long war.
The conflict devastated infrastructure, and saw oil fields change hands numerous times.
Exports were also complicated by U.S. and European sanctions, which stayed in place for some months after Assad was finally ousted.
In June, Donald Trump issued an order lifting Washington’s restrictions, clearing the way for U.S. firms to begin work extracting Syrian oil and gas.
Damascus officials say the debut shipment has been sold to a company connected to global oil trading firm BB Energy, which did not immediately reply to a request for comment.
Raafat Khadour is the director of Syrian heavy crude oil transportation.
He says the oil is being exported as it’s surplus to local needs.
Khadour says the sale went without a hitch, and there were no problems finding a buyer.
