Syria announced that it produced 380,000 barrels a day of crude oil, a figure identical to its production the previous year. Syria produced as many as 590,000 barrels of oil in 2006, but due to sanctions and inadequate investments, production has been in decline.
The main oil company in Syria is the London-based Gulf Sands, partly owned by Rami Makhlouf, a relative of Syrian President Bashar Al-Assad. [Makhlouf's assets were seized by the U.S. Treasury two or three years ago because of his involvement in illicit money laundering.]
Source: Al-Sharq, Qatar, February 2, 2010
