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The belt of Eastern Mediterranean has Syria as the only substantial oil producer with crude Syria oil production of 410,000 barrels per day as estimated in 2004.
Euphrates Graben which runs across the north-eastern region of the country is majorly occupied by Syria's oil fields. The discovery of large light crude fields most importantly near the Deir Ezzor in the mid-1980s boosted the significance of oil in Syrian economy. Since this time, output has expanded rapidly. Reaching production approximately to 600,000 barrels per day. In 1994, oil exports counted up to nearly 60% of Syria’s total exports.
The discovery in 1984 attracted international business ventures and several pools were formed. The largest of these is the Shell Consortium comprising of Pecten, Shell, and Deminex. Shell Consortium entered into a joint venture in 1985 with the Syrian Petroleum Company (SPC) to form the Al-Furat Petroleum Company. This joint venture produces approximately two-thirds of Syria’s oil output that is the largest contribution to the healthy economy of Syria.
Another reason for popularity of Syria oil is the production of its Olive Oil. Syria is the original home of the olive trees. After cultivation for thousands of years, Syria is considered the sixth country for olive oil globally. There are approximately 65 million olive trees in Syria which produce 866000 tons of olives during a year. The local market transacts about 85.000 tons of olive oil per year.
The economy of Syria largely stabilizes due to its rich production of oil. Syria oil has a global recommendation for its enriched quality.
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