Syria oil deal hangs in the balance as U.S. license lapses

Delta Crescent Energy's oil deal with the Kurdish-led opposition in northeast Syria is in jeopardy as the Biden administration reconsiders a Trump-era sanctions waiver.
Syria oil deal hangs in the balance as U.S. license lapses
Nearby these storage tanks of kerosene and diesel for sale at a "boursa" in Erbil, oil traders also provide samples to prospective buyers of their Syrian crude blend called Mahmoudiya, Feb. 2020. (RAWAZ TAHIR/Iraq Oil Report)

A deal by the recently established American oil company Delta Crescent Energy (DCE) to develop and sell oil from northeast Syria hangs in the balance after a license granted by the U.S. Treasury Department expired at the end of May, with no official word on whether it would be extended.

At stake is $2 billion worth of net oil sales that DCE says are contracted for shipment through Iraq if its license is renewed.

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