Syria restarts oil exports from Tartus Port after a 14-year break.

In a significant development, Syria has resumed its crude oil exports from the western port of Tartus, marking the country's first official shipment since 2011. This move, part of Syria's efforts to revive its devastated oil industry, comes after the lifting of sanctions and the signing of a deal with Dubai-based DP World to develop and operate a multi-purpose terminal at Tartus.

Before the conflict, oil accounted for a significant portion of Syria's economy. It made up one-fifth of the GDP, half of exports, and over 50% of government revenue. Most of Syria's petroleum reserves are located in the eastern Deir ez-Zor Governorate near the Iraqi border and along the Euphrates River, with some reserves also found in the central regions.

The deal with DP World, which replaces an earlier agreement with a Russian operator that was canceled, is expected to attract more foreign investment and further boost Syria's economy. The agreement for the development and operation of the multi-purpose terminal at the Port of Tartus was signed by the Syrian Government and the Dubai-based company.

The resumption of oil exports from Tartus signals a potential economic recovery for Syria. The government has already resumed limited petroleum exports earlier this year from the Baniyas refinery, located north of Tartus, sending an initial 30,000 metric tons of refined products abroad. The Energy Ministry announced that the shipment is part of plans to strengthen Syria's presence in foreign oil markets and that more exports are scheduled in the coming months.

The conflict in Syria led to a significant decrease in oil production, with Syria's oil production dropping from nearly 380,000 barrels per day in 2011 to about 40,000 barrels per day by 2023. Many oil fields changed hands during the conflict, and Western sanctions blocked official exports, forcing Syria to rely heavily on oil shipments from Iran.

However, the lifting of sanctions has opened up opportunities for international firms to explore and extract Syrian oil and gas. After the U.S. administration lifted sanctions on Syria in June, international firms have begun to develop plans for exploring and extracting Syrian oil and gas. Syria holds an estimated 2.5 billion barrels of petroleum reserves, according to the latest available study by the Oil and Gas Journal in 2010.

The crude was loaded onto the tanker Nissos Christiana for delivery to trading company B Serve Energy. This resumption of oil exports and the development of the Tartus terminal are crucial steps in Syria's bid to revive its oil industry and revitalize the country.