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Syria forced to cut oil production by third over sanctions

December 24, 2011, 14:47 UTC+3
Late in November, the US and European Union decided to ban export to Syria of oil and gas equipment
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CAIRO, December 24 (Itar-Tass) — Syria was forced to cut oil production by a third as a result of imposed world sanctions by the international community, said here on Saturday Syrian Minister of Petroleum and Mineral Resources Sufian Allaw.

“We have slashed down oil production by 30-35 percent,” he noted at a meeting of Arab oil ministers, adding that Syria now recovers up to 260,000 barrels daily.

Late in November, the US and European Union decided to ban export to Syria of oil and gas equipment, trade in state bonds of that country and sale of software to it as well as black-listed some of its state companies. Western countries also agreed not to issue easy credits to Damascus.

The Arab League Council of Foreign Ministers approved imposition of sanctions against Syria on November 27. The package of restrictions provides for a stoppage of air services with Syria, suspension of all operations with the country’s Central Bank and Commercial Bank, freezing of financial assets of the regime, investment projects and commercial contracts with the Syrian government, apart from those dealing with deliveries of strategic goods.

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