The Syrian Oil Minister, Mohammed Maher Jamal has asserted that Syria will have a stable production volume at least through the year 2020. The minister, quoted by Al-Sharq Al-Awsat estimated that the local reserves currently consist of 23 billion barrels, of which only three billion have been extracted until now.
The minister added that Syria is capable of multiplying its oil production capacity by five to six times. Presently, Syria produces 600,000-650,00 barrels per day, with 320,000 barrels exported abroad. The Syrian revenues from oil exports range between $2 billion and $2.5 billion.
Contradicting foreign reports about Syrian oil depletion, the minister stated that the presently available oil reserves will not be exhausted for at least 85 years.