Vitol Prepares to Ship First Batch of Syrian Oil After Lifting Sanctions

Sada News - The Vitol Group is preparing to transport the first shipment of Syrian crude oil since the lifting of Western sanctions on Damascus, as the country's energy sector attempts to recover after more than a decade of destruction caused by armed conflict.

Vitol, the world's largest independent oil trading company, will transport the shipment to a refinery in Italy, according to a source familiar with the matter who requested anonymity due to the lack of official announcement regarding the operation.

The source clarified that the shipment is scheduled to be loaded on Wednesday. For its part, the company declined to comment, and the Syrian Ministry of Energy did not respond to requests for inquiries.

Trump and the European Union Lift Sanctions

In July, U.S. President Donald Trump lifted the sanctions imposed on Syria, which had lasted for decades and were tightened in 2004 and 2011, with the aim of supporting the battered Syrian economy and backing the new government. The European Union had initiated the lifting of the remaining economic sanctions on Damascus in May.

Trump Signs Executive Order to Lift Sanctions on Syria

Two individuals monitoring oil movements in the region stated that they are not aware of any other shipments of Syrian crude since the sanctions were lifted.

Before the outbreak of the civil war in 2011, which ended last year and ousted President Bashar al-Assad, Syria produced several hundred thousand barrels of oil daily.

However, production has declined to nearly halted levels as the country entered a spiral of war, destruction, and the displacement of millions.

The Shipment Does Not Mark the Start of Major Flows

The shipment will not represent an early start for new and large-scale supply flows. Syria's crude oil exports peaked at around 380,000 barrels per day in 2002, before declining in the following years, according to data from CEIC.

Syria and Oil.. A Legacy of the Past and a Bet on the Future

Nevertheless, the resumption of oil exports by sea could provide vital support for the country's battered economy, with its government desperately seeking foreign currency revenues.

The Syrian Ministry of Energy announced via its official Facebook page that it had launched a tender last month to sell about 500,000 barrels of medium-density, high-sulfur crude.