As Syria’s civil war enters its fifth year, key indicators point to further deterioration in the economy, with oil production sinking to an all-time low and further depreciation in the value of the local currency.
Syrian oil production in the government-controlled areas in 2014 slumped to 9,329 b/d, the Syrian Minister of Petroleum and Mineral Resources Sulaiman al-‘Abbas announced this week. This output is a mere 2.4% of average production of 385,000 b/d before the start of the uprising in March 2011 (MEES, 8 August 2011). In the first half of 2014 oil production averaged 17,000 b/d, according to the ministry. (CONTINUED - 767 WORDS)