Damascus Cash Crunch As Crude Below 10,000 B/D

Crude production from government-controlled areas of Syria was a mere 853,000 barrels (just under 9,500 b/d) for the first quarter of 2015, the Syrian Ministry of Oil announced on 26 April.

This is a mere 2.5% of average production of 385,000 b/d before the start of the uprising in March 2011. However, if the government figures are to be believed, output is actually up slightly on the 2014 average of 9,330 b/d, while the average for the first quarter of 2014 stood at 13,000 b/d (MEES, 9 May 2014).

Gas production has fallen by less over the course of Syria’s four years of civil war. For the first three months of 2015 it averaged 15.6mn m³/day (550mn cfd), just over half the 30mn m³/day (1.06bn cfd) March 2011 figure and, as with crude, up slightly on 2014 average output (15.1mn m³/day) (CONTINUED - 709 WORDS)