by Claude Salhani, Oil Price:
In an astute political move the European Union lifted its embargo Monday on oil imports from Syria. Actually better make that an embargo lifted on oil imports from rebel held areas in Syria.
This is a de facto sidelining of the regime in power by the EU and recognition of the rebels as the legitimate representatives of the Syrian people. Which opposition group will represent Syria in future talks with the EU however remains as murky as the war many of the various factions engaged in the Syrian conflict are fighting.
Indeed, the forces queuing up to help President Bashar Assad vacate the presidency are numerous and far from united.
In any case, don’t expect to see Syria’s oil production, which has practically come to a complete standstill as a result of the war, to start flowing anytime soon. Syria’s oil infrastructure, already antiquated and hurt by years of US and EU sanctions is in dire need of repair and modernizing.
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