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Libyan Oil

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Sirte fell, the highway between the Western and Eastern regions of Libya is open again, and oil workers can go back now to work.

Since the death of Gaddafi, Libya started to export oil even if in smaller bulks, 430,000 barrels a day. The supply is tipped to return to 750,000 barrels a day by the end of the year.

"Libya holds Africa's biggest crude reserves and is seeking to restore production to about 1.7 million barrels a day within 15 months, after output dwindled to almost nothing during the revolution."

Because of the revolution, the International Energy Agency was "forced" to release emergency stocks for the third time in history.

Now, the end of the revolution may have a great impact over the meeting of the Organisation of Petroleum Exporting Countries in December.

Source: heraldsun.com.


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Last Updated on Tuesday, 25 October 2011 10:37

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