Syria becomes oil importer as production continues to decline

LONDON


“Oil has been the mainstay of the Syrian economy for over four decades, but production passed its peak of 610,000 barrels per day in 1995 and is now falling even more rapidly than had been forecast,” OBG said in a report.

The report said Syria, in contrast to previous forecasts, has failed to meet domestic fuel demand. OBG said Syria must begin to import light crude oil for gasoline in 2009.