Reform party of Syria
www.reformsyria.net
Syria's Oil Production Mysteriously Drops to 475,000/bpd
Government figures do not reconcile with reality
Washington DC, November 3, 2004/RPS News/ -- Syria's oil production has dropped to 475,000 barrel per day according to a Syrian government report with 300,000 barrels being exported as opposed to 475,000 barrels exported daily last year. Syria has maintained, up to last year, a 600,000 barrel per day production levels.
The Syrian government did not give reasons of why this sudden drop. Reports have surfaced in the past that the increase in world oil prices is forcing corrupt elements within the regime to show less production in order to hide the surplus. The report depicted the oil sector in Syria as constituting a main source of the national income that affects growth average. It stated that oil contributes up to 14% of Gross Domestic Production GDP. Syria's estimated GDP for 2004 will reach $22b in 2004 of which 14% represents approximately $3b. According to Syrian government latest figures of 300,000 bpd of daily export and using an average of $45 a barrel price level for 2004, oil revenues should be around $5b excluding recovery costs, which amount to approximately $7 a barrel or close to $750m.
If the government figures of exporting 300,000 bpd are correct, $1.25b are unaccounted for in their revenue model. However, if the exports are still within range of last year's levels, then the funds unaccounted for explode to $3.6b.
Reform Party of Syria
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