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[Financial Times-UK] Anna Fifield - The decline in crude prices has huge implications for the Syrian economy. Five years ago oil comprised more than half of Syria's $29 billion in income, but last year it contributed only $3.8 billion to revenues totaling $22 billion. In addition, domestic oil production fell by 6.5% to 394,000 barrels a day last year and is set to shrink further. Furthermore, the IMF estimates that the non-oil parts of the Syrian economy contracted 7.3% last year, worse than the 6.4% shrinkage in the previous year. 2008-11-20 01:00:00Full Article
Declining Oil Prices Deal Blow to Syrian Economy
[Financial Times-UK] Anna Fifield - The decline in crude prices has huge implications for the Syrian economy. Five years ago oil comprised more than half of Syria's $29 billion in income, but last year it contributed only $3.8 billion to revenues totaling $22 billion. In addition, domestic oil production fell by 6.5% to 394,000 barrels a day last year and is set to shrink further. Furthermore, the IMF estimates that the non-oil parts of the Syrian economy contracted 7.3% last year, worse than the 6.4% shrinkage in the previous year. 2008-11-20 01:00:00Full Article
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