Syria to Receive Electricity-generating Ships from Qatar, Türkiye

FILE PHOTO: A view shows electricity pylons in Kiswah, Damascus suburbs, Syria September 8, 2021. REUTERS/Yamam al Shaar/File Photo
FILE PHOTO: A view shows electricity pylons in Kiswah, Damascus suburbs, Syria September 8, 2021. REUTERS/Yamam al Shaar/File Photo
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Syria to Receive Electricity-generating Ships from Qatar, Türkiye

FILE PHOTO: A view shows electricity pylons in Kiswah, Damascus suburbs, Syria September 8, 2021. REUTERS/Yamam al Shaar/File Photo
FILE PHOTO: A view shows electricity pylons in Kiswah, Damascus suburbs, Syria September 8, 2021. REUTERS/Yamam al Shaar/File Photo

Syria will receive two electricity-generating ships from Türkiye and Qatar to boost energy supplies hit by damage to infrastructure during President Bashar al-Assad's rule, state news agency SANA quoted an official as saying on Tuesday.
Khaled Abu Dai, director general of the General Establishment for Electricity Transmission and Distribution, told SANA the ships would provide a total of 800 megawatts of electricity but did not say over what period.
"The extent of damage to the generation and transformation stations and electrical connection lines during the period of the former regime is very large, we are seeking to rehabilitate (them) in order to transmit energy,” Abu Dai said.
According to Reuters, he did not say when Syria would receive the two ships.
The United States on Monday issued a sanctions exemption for transactions with governing institutions in Syria for six months after the end of Assad's rule to try to increase the flow of humanitarian assistance.
The exemption allows some energy transactions and personal remittances to Syria until July 7. The action did not remove any sanctions.
Syria suffers from severe power shortages, with state-supplied electricity available just two or three hours a day in most areas. The caretaker government says it aims within two months to provide electricity up to eight hours a day.



Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
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Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Oil prices trimmed earlier gains on Wednesday as the dollar strengthened but continued to find support from a tightening of supplies from Russia and other OPEC members and a drop in US crude stocks.

Brent crude was up 21 cents, or 0.27%, at $77.26 a barrel at 1424 GMT. US West Texas Intermediate crude climbed 27 cents, or 0.36%, to $74.52.

Both benchmarks had risen more than 1% earlier in the session, but pared gains on a strengthening US dollar.

"Crude oil took a minor tumble in response to a strengthening dollar following news reports that Trump is considering declaring a national economic emergency to provide legal ground for universal tariffs," added Ole Hansen, analyst at Saxo Bank.

A stronger dollar makes oil more expensive for holders of other currencies.

"The drop (in oil prices) seems to be driven by a general shift in risk sentiment with European equity markets falling and the USD getting stronger," said UBS analyst Giovanni Staunovo.

Oil output from the Organization of the Petroleum Exporting Countries fell in December after two months of increases, a Reuters survey showed.

In Russia, oil output averaged 8.971 million barrels a day in December, below the country's target, Bloomberg reported citing the energy ministry.

US crude oil stocks fell last week while fuel inventories rose, market sources said, citing American Petroleum Institute figures on Tuesday.

Despite the unexpected draw in crude stocks, the significant rise in product inventories was putting those prices under pressure, PVM analyst Tamas Varga said.

Analysts expect oil prices to be on average down this year from 2024 due in part to production increases from non-OPEC countries.

"We are holding to our forecast for Brent crude to average $76/bbl in 2025, down from an average of $80/bbl in 2024," BMI, a division of Fitch Group, said in a client note.