Syria imported an average of almost 52,000 b/d of crude oil from Iran in 2015, but volumes have dwindled to an average of just 18,000 b/d since the end of February this year following the lifting of international sanctions on Iran in mid-January (MEES, 22 January).

Iran’s reduced deliveries of crude to Syria would appear to indicate that, given the choice of selling its crude for market prices – and Tehran faces major economic problems as it recovers from the economic impact of sanctions – or supplying cut-price barrels to political ally Syria, Iran has increasingly opted to take the cash. (CONTINUED - 706 WORDS)