An explosion at a Syrian oil pipeline yesterday will have no impact on global crude markets because of the country’s declining output, said Michael Lynch, president of Strategic Energy & Economic Research.
“Syria isn’t a major player in the oil market on a good day and with the current unrest and embargo it’s even less so,” said Lynch in a phone interview from Winchester, Massachusetts. “This is trivial. If the rebels blew up every pipeline in the country nobody would care outside of Syria.”
An oil pipeline in the eastern province of Deir al-Zor was rocked by a bomb, Reuters reported today, citing opposition activists. The Syrian Arab News Agency reported explosions on the same link on April 21 and 29.
The Paris-based International Energy Agency estimated in its May monthly oil market report that Syria produced about 190,000 barrels a day last month, down from a daily average of 330,000 barrels in 2011 and 390,000 barrels in 2010.
Syrian President Bashar al-Assad is fighting a nationwide rebellion that has spread as security forces killed thousands of Syrians during a campaign to crush protests that began in March 2011.
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