Brussels, 30/08/2011 (Agence Europe) - The forthcoming EU embargo on imports of Syrian crude oil is not expected to have an immediate impact on the crackdown against the civilian population but is likely to upset the finances of the regime in Damascus by considerably reducing foreign currency receipts, experts say, cited by Reuters. Syrian oil production is currently estimated at nearly 385,000 barrels daily, of which 150,000 is mostly exported to the EU. The spokesperson for Catherine Ashton, EU foreign policy chief, pointed out on Tuesday 30 August that the continued violence, the allegations of torture and the brutal and targeted attacks against those known for their anti-government stance (for example, the aggression against the satirical cartoonist Ali Ferzta) are intolerable and arouse great indignation.
After the sanctions aimed at entities and officials close to the government, the EU is therefore preparing to place an embargo on oil from Syria. According to the latest information, the decision is expected in coming days. Although this will not have a direct effect on putting an end to the repression, Syria will be forced to find other importers for its oil, which will cause a fall in sales price. Furthermore, such a change usually takes several months, as one oil expert from Petromix has said. This will have a considerable impact on Syria's economic prospects, all the more as the value of European imports is estimated at nearly $2.5 billion annually. Despite the lack of official figures, experts consider that the Syrian economy will decline by 5% this year - and that is without the EU oil embargo. (J.K./transl.jl)