Syria’s Economic Woes Only Set To Intensify

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.

Gas production has fared somewhat better, falling by around 50% to 15.1mn cmd in 2014 from about 30mn cmd in March 2011. 89% of this gas output was allocated to the Ministry of Electricity to supply power generation plants across the country, the minister said. Gas is the main feedstock for power stations in the country. (CONTINUED - 767 WORDS)