Hussein: oil resources in Syria are about 110 billion Syrian pounds and lower world oil prices are good for Syria and the Syrian people

Dr. Mohamed Hussein, Syrian Minister of Finance said that “the price decline is in the interests of Syria and the Syrian people as the sum Syria imports 60% of oil derivatives from abroad,” adding that “when we put oil revenues and government expenditure compared to the purchase of oil derivatives, the difference will benefit Syria “.

Hussein in a television interview said that “the share of the budget from oil resources of about 110 billion Syrian pounds, based on estimates of 51 million barrels of light oil and 42 dollars for heavy oil,” adding that in the light of current world prices, there will be a deficit in the budget ” .

 
Syria currently produces about 385 thousand barrels of oil per day of light oil from 47% and 53% heavy.
About the prices of oil derivatives in Syria’s finance minister said that “the Cabinet set up a committee at the highest levels to study the issue prices of petroleum products locally in the light of declining global oil prices.”

 
Hussein added that “this committee will present its proposals on this issue to the Cabinet during the coming period will be acted upon in setting prices,” noting that it “has come a long way in this.”

 
With respect to diesel vouchers, Hussein said that “the way of vouchers has many gaps in terms of creating a black market because of the presence of two prices in the country, and the vouchers themselves have visited and traded and sold, and many Syrians, who sold the vouchers at prices lower than their real value.”

 
Hussein added that “the Ministry of Finance printed book 5 million worth of support which some 80 billion Syrian pounds,” noting that “the government will support another went through the distribution of cash allowances before the end of next April, because the method of vouchers did not prove efficacy.”

 
Syria Oil