What You Need to Know About Libyan Oil as Conflict Flares Up

Africa

In light of the renewed tensions between the eastern and western parts of Libya, much seems to be at stake if the North African country plunges into further chaos.

Almost eight years after the demise of Libya’s long-time leader Muammar Gaddafi, the country is divided into two parts – east and west – that are controlled by rival governments.

Libya Producing 1 Million Barrels of Oil Per Day as Country Remains in Chaos

As an OPEC member, Libya was put in a volatile position as a fragile peace between the two sides took hold, and the fighting resumed in Tripoli last week.

Just this week, a spokesperson for the Libyan National Army (LNA) headed by Field Marshal Khalifa Haftar, who governs the eastern part, warned of a possibility of terrorist attacks on the so-called Oil Crescent after accusing the UN-backed Government of National Accord (GNA) in Tripoli of collaborating with terrorist groups.

Even though major oilfields and terminals are far from clashes, since they are mainly in the east and south of the country, history has shown that any battles in Libya could have a dramatic impact on oil production.

Who Controls Libya’s Oil?

The country’s oil revenues and foreign reserves have been managed by the Tripoli-based GNA, although the situation has been complicated by the fact that the LNA led by Haftar managed to seize oil fields in the south and in the east of the OPEC country.

After…

Continue Reading This Article At Sputnik News

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