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Iran Restricts Supply of Cheap Oil to Syria
(Wall Street Journal) Benoit Faucon - In recent weeks, Iranian officials have told their Syrian counterparts they would now have to pay more for additional shipments of oil as peak winter demand sets in, doubling the price to more than $70 a barrel. Tehran also asked Damascus to pay in advance for the oil, refusing new deliveries on credit. The Syrian economy depends on Iran for more than half its oil requirements. The result is that Syria is suffering its worst shortage of fuel since the start of the civil war. Factories are closing down as they struggle to find fuel to run generators amid a scarcity of electricity. Many of the poor now burn wood to cook and keep warm. The local currency fell to a record low last month.