Syria: Resumption of Oil Exports After 14 Years of Suspension

The Syrian Ministry of Energy announced on Monday the resumption of heavy oil exports from the western port of Tartous, after approximately 14 years of suspension. "Today (Monday), 600,000 barrels of heavy oil were exported from the Tartus oil terminal aboard the tanker Nessus Christiana on behalf of BeServ Energy," the ministry stated in a press release. This operation aligns with government directives and the projects of the General Directorate of Oil within the Ministry of Energy, aimed at strengthening Syria's presence in foreign oil markets. This marks a significant first for the country in years. The resumption of exports from Tartous is an important step in revitalizing the oil sector and expanding cooperation with international companies, the ministry added, noting that further exports are expected in the coming period. In June, Syria re-exported non-crude petroleum products from the Baniyas refinery in Tartous province, with an initial shipment of 30,000 metric tons sent to international markets. In 2010, oil accounted for 20% of Syria's GDP, half of its exports, and over 50% of state revenues. The country produced 390,000 barrels of oil per day, but production has significantly declined, reaching only 40,000 barrels per day in 2023.