Europe’s refiners brace for loss of Syrian crude

US sanctions against Syria – specifically targeting the oil sector – may have serious implications for European refiners, although crude prices are, in the short-term, unlikely to be affected

As the Syrian uprising enters its fifth bloody month, US President Barack Obama yesterday unveiled a series of wide-ranging sanctions against Bashar al-Assad’s regime. In Europe, officials from the UK, France, Portugal and Germany echoed US calls for Assad to step down, adding that a decision would soon be made on drafting sanctions for EU consideration. The US measures bar the purchase of all Syrian-sourced petroleum and petroleum products by US entities. According to US officials, the country imports a scant 6,000 barrels a day (b/d) from Syria. Far more serious for Syria would be EU sanctions. While most of Syria’s 380,000 b/d output is used domestically, it exports around 150,000 b/d to