Syria’s oil trade is an odd one. Since the breakout of civil war in 2011, crude exports ground to a halt and the country came to rely on periodic imports of Iranian crude and Russian oil products under the Assad regime. Since the toppling of Assad in December 2024, the governmentof President Ahmed al-Sharaa has sought to facilitate an opening up of non-sanctioned markets.
The Hormuz crisis that has caused widespread disruption across the region has been the key enabler of these plans, arguably benefitting Syria. With Iraqi exports from Basra constrained, Syria’s Banias port has become a major hub for both Iraqi fuel oil exports and gasoline imports destined for the Iraqi market – both trades have been facilitated by Qatari-headquartered and Syrian-owned contracting firm UCC Holding (MEES, 10 July). (CONTINUED - 620 WORDS)
