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LONDON, Sept. 27 (UPI) -- With the European Union placing an embargo on Syrian oil, an insider said the country is filling its storage capacity because of the reserve buildup.
The EU, in response to the crackdown against regime protesters, slapped sanctions on the Syrian energy sector. The country has tried to get its oil outside of the EU, which until recently bought most of Syria's oil.
An industry executive told the Financial Times that Damascus told foreign oil companies to cut back on production because storage capacity is filling up because the government can't get around the EU embargo.
"There is a backlog of crude in the country," the executive said, on condition of anonymity. "Storage is filling up."
London-listed Gulfsands Petroleum said recently its production was down 40 percent following a request from Syrian authorities. Other companies, such as Royal Dutch Shell and French supremajor Total, were ordered to cut back on production as well.
Syria in August was producing around 370,000 barrels of oil per day. Not a single cargo of crude oil has left the country in September, however.
Imad Moustapha, the Syrian envoy to Washington, told the Financial Times recently there were no issues with finding a market for Syrian oil.
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