Libya years away from oil recovery

Libya years away from oil recovery Libyan oil production will take years, not months, to return to full capacity once a political solution to the conflict is found, according to Barclays Capital. “The reincorporation of Libyan oil into the world market increasingly seems a distant possibility” according to the study, which warns of a lasting political vacuum after the potential fall of the Gaddafi regime. Libya is Africa’s third largest oil-producer but in the five months since the civil war, crude production has dropped from 1.6 million barrels per day to less than 100,000 b/d. Domestic consumption is estimated at 270,000 b/d, but over 85% of …

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