Syria Rides the Oil Wave Amid Global Crisis

The revival of an old oil-export route from Iraq to the Mediterranean helps Syria’s new regime | World News

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The 860km-long road from Ramadi in Iraq to western Syria is now lined with lorries carrying oil, a result of the Gulf war's unexpected impact on the region.

The closure of the Strait of Hormuz has forced oil giants to find new routes to global markets, with Iraq relying on Syria as a key transit hub.

Syria has become an unlikely beneficiary, with the country earning an estimated $1m to $2m per day in transit fees and revenue.

The revived oil-export corridor through Syria has given the new regime in Damascus a strategic lever, with plans to upgrade its oil infrastructure and build new pipelines.

While the going is good, Syria's long-term goal is to increase its storage capacity, get its oilfields up and running, and attract foreign investment to support its reconstruction efforts.