Syria war causes $21.4 bn losses to oil industry

Syria's oil and gas industries have suffered total losses of $21.4 billion since the outbreak of the country's war three years ago, Oil Minister Suleiman Abbas said Tuesday. ‘The circumstances the country is going through have caused considerable losses to the oil and gas sectors,’ said Abbas in a statement. Abbas said the war had caused a $3.5 billion direct loss, in terms of stolen and wasted oil and gas, and damage or theft of infrastructure, pipelines and vehicles. He added that indirect losses, or lost profits, accounted for $17.9 billion. At the start of the revolt, Syria produced 385,000 barrels of oil a day. Production dropped to 17,000 barrels a day, while gas production has been halved, according to AFP.