Business & Economy

Iran wants to raise the price of oil exported to Syria

Iran began to limit the supply of cheap oil to Syria. The newspaper reported that Tehran had told Damascus that it must pay for additional oil shipments.

Since the summer of 2019, Syria has been importing about 2 million barrels of Iranian crude per month from Iran, making it the second largest importer of Iranian oil after China.

Iranian officials told Syria that they would now have to pay more for the additional oil shipments, which would double the price to a market price of more than $70, according to sources familiar with the matter.

Iran also refused to deliver new shipments on credit, and the newspaper stated that Syria would pay in advance for the new oil supplies.

And Iran’s ambitions to position itself as a power broker in the Middle East have taken a new blow – this time from its ailing economy and how it impedes Tehran’s desire to supply cheap oil to allies like Syria.

In April 2021, Syrian Prime Minister Hussein Arnous estimated the daily market need for oil at 200,000 barrels, as only 20,000 barrels are produced locally.

Sanctions imposed by former US President Donald Trump in 2018 after he withdrew from the Iranian nuclear agreement signed in 2015 limited Iranian oil exports, as the sanctions targeted that and reduced Iranian government revenues.

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