Unlike most other goods, the inflation-adjusted prices of oil and oil derivatives actually became cheaper in the years after the Syrian uprising and the loss of most of the country’s oil fields. Iran stepped in to fill the gap by shipping oil by sea through the Suez Canal. In recent months, however, these shipments seem to have ground to a halt, crippling regime-controlled areas. This paper examines several competing explanations for the slowdown in Iranian oil shipments, explores a range of possible responses for the Assad regime, and takes a closer look at the implications for the regime, its allies, and regular Syrians.

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