Wow, lotta Foreign Policy experts in this thread.
Did you know Syria isn't in OPEC?
Why?
Because they have no oil.
Really ?
Syria is the only significant crude oil producing country in the Eastern Mediterranean region, which includes Jordan, Lebanon, Israel and the Palestinian territories. According to the Oil and Gas Journal, Syria had 2,500,000,000 barrels (400,000,000 m3) of petroleum reserves as of 1 January 2010.[31] Syria's known oil reserves are mainly in the eastern part of the country in the Deir ez-Zor Governorate near its border with Iraq and along the Euphrates River; a number of smaller fields are located in the center of the country.[32] In 2010, Syria produced around 385,000 barrels (61,200 m3) per day of crude oil.[29][30] Oil production has stabilized after falling for a number of years, and is poised to turn around as new fields come on line. In 2008, Syria produced 5.3 billion cubic metres (1.9×1011 cu ft) of natural gas, and two years later in 2010, it increased production to 5.3 m3 (190 cu ft).[33] While much of its oil is exported to Europe, Syria's natural gas is used in reinjection for enhanced oil recovery and for domestic electricity generation
In 2009, Syria's net petroleum exports were estimated to be 148,000 bbl/d (23,500 m3/d).[26] All oil exports are marketed by Sytrol, Syria's state oil marketing firm, which sells most of its volumes under 12-month contracts. Syrian crude oil exports go mostly to the European Union, in particular Germany, Italy, and France, totaling an estimated 137,400 bbl/d (21,840 m3/d) in 2009, according to Eurostat.[34] In 2010, the
European Union as a whole spent $4.1 billion on Syrian oil imports.[35] Local exporters of oil in Syria include the Altoun Group in Maraba Damascus Syria.[36]
The oil sector of the economy faces many challenges, such as, a decline in output and production resulting from technological problems and a depletion of oil reserves. Syria's rate of oil production has decreased steadily, from a peak close to 610,000 bbl/d (97,000 m3/d) in 1995 down to approximately 385,000 bbl/d (61,200 m3/d) in 2010. Meanwhile, consumption is rising, which means that Syria could become a net oil importer within a decade.[27][29] To counteract this problem, Syria has intensified oil exploration efforts. Syria's upstream oil production and development has traditionally been the mandate of the Syrian Petroleum Company (SPC), an arm of the Syrian Ministry of Petroleum and Mineral Resources. The SPC has undertaken efforts to reverse the trend toward declining oil production and exports by increasing oil exploration and production in partnership with foreign oil companies. The SPC directly controls about half of the country's oil production and takes a 50 percent stake in development work with foreign partners.[31]
