Oil price increases for civil war in Syria

Syria civil war affects oil prices

Yesterday the international oil price (WTI) ended in $ 108.37 a barrel. Last week it reached to $ 109.9 indicating that there is a price increase and according to analysts, this change is related to geopolitical conflicts in Syria and Egypt.

Ecuador has benefited from the increase as its oil, on average, between January and June 2013, remained at $ 97.70. According to Central Bank data this price is slightly higher than international, which at that same period was at $ 94.21.

For 2013, the Ecuadorian government fixed the price of $ 84 per barrel of oil, so that in the first half of the year had a surplus of $ 13.70 per barrel.

The website www.preciopetroleo.net said Syria has not exported oil since the end of 2011 due to international sanctions. Previously it produced 370 thousand barrels per day and exporting around 150 000 barrels.