Wednesday, November 17, 2004

Sharp decrease in Syria's oil exports expected

For archival purposes, I've copied the original article at the bottom.

It's true that Syria's current export of 250,000 barrels of oil a day is a drop in the global oil bucket but it doesn't bode well for Middle East oil production in the future. The folks at are doing their best to alert everyone to the rapidly aproaching Hubbert Peak in global oil production and Syria is just one more country that has passed its national peak in oil production — the latest canary in the mine to go belly up. (Over half of our original menagerie has now passed on.)

Unless Syria embarks upon a massive conservation program their national consumption will match production within the next 20 years. Besides income from oil exports, Syria's economy depends heavily on agriculture from largely exhausted fields and foreign aid from it's rich Arab neighbors. Population growth for this nation of 17 million is estimated at 2.5% (2002 estimates). The economic prospects for Syria do not look good as Peak Oil approaches.

For more information on Syria I recommend the Arab World page on Syria.

Sharp decrease in Syria's oil exports expected

Syria, Economics,11/17/2004

Trade sources expected yesterday that Syria's exports of light crude oil for its contractors will be sharply decreased with the beginning of 2005 as a result of production recession from old oil fields.

The Syrian oil marketing company has been discussing with clients amounts that will be dedicated to them. The sources say that the volume of the light Syrian crude oil exports will be decreased at rate of 30% in comparison with the figures of this year.

One buyer said that: they explained they will not be able to export huge amounts of the light Syrian crude oil because of problems in production. They say to the buyers that they can get the light Syrian crude oil only if they buy the heavy one ( from al-Sweideh oil fields.)

Traders said that Syria intends to export between 85- 90 shipment of light crude oil and between 45 to 50 shipment of heavy oil in the current year but this rate might be changed in next year to 55 shipment. Another trader said: we expect to a large extent that many of the buyers will loose their contracts if they are not willing to buy al-Sweideh crude oil.

Large number of buyers are expected [not?] to buy al-Sweideh crude oil because its is very heavy and is rich in Bitomine and of low density. Its intensity of 24.5 grade at the standards of the American oil institute, and many European refineries can not treat it. Syrian crude oil production receded gradually in recent years down to 500,000 barrels every day in 2004 for the first time in comparison with 600,000 barrels in 1996. Syria exports some 250,000 barrels daily and some 200,000 remain for local consumption refined in the two local Syrian refineries in Banias and Homs. Oil exports represent more than half of Syria's income of hard currency.


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