WTI crude oil continues to press 100 level as supported by supply worries. Syrian Oil Minister Sufian Alao said over the weekend Syria has reduced oil production by 30-35% on “dark sanctions that no other country has been through before”. Alao noted they’re facing difficulties in exports. The country’s production capacity was at abound 380k bpd while refining capacity was at around 250k bpd. EU has stepped up it’s sanctions against the country’s oil industry while Arab League also imposed sanctions on financial and other dealings with Syria.
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