US final July soybean crude oil onsite stocks 869.69M lb

US final July soybean crude oil onsite stocks 869.69M lb

Syria has made a significant step towards economic recovery with the export of its first cargo of crude oil in 14 years. The shipment, which consisted of 600,000 barrels of heavy crude oil, was sent from the port of Tartus to B Serve Energy, an affiliate of global trading firm BB Energy [1]. This development follows the U.S. Administration's revocation of sanctions on Syria in June, which has paved the way for the resumption of oil exports.

The civil war and proxy conflicts in Syria have severely impacted the country's oil industry. Before the conflict, Syria was exporting 380,000 barrels of oil per day. The northeast territory, where most oilfields are located, has been held by Kurdish-led authorities. The Kurds began supplying crude oil to the central government in February. The U.S. President Donald Trump's executive order in June removed sanctions on Syria, allowing for the resumption of oil exports [1].

The U.S. has maintained sanctions on Bashar al-Assad, his associates, and individuals linked to human rights abuses, chemical weapons activities, ISIS, and Iranian proxies. Despite these ongoing sanctions, U.S. firms are gearing up for work in Syria. Baker Hughes, Hunt Energy, and Argent LNG are developing a masterplan for Syria's oil, gas, and electricity sectors [1].

The resumption of oil exports is a crucial step for Syria's economy. The country has been devastated by the prolonged war, and the restoration of oil production and exports is seen as a key way to boost its economy. The success of this initial export could pave the way for further investment and development in the country's energy sector.

References:
[1] https://oilprice.com/Latest-Energy-News/World-News/Syria-Exports-First-Crude-Oil-in-14-Years.html