Saturday, October 22, 2011

Libya Oil Production Post Gaddafi

Most of Libya's wealth is from oil exports.  Ninety-five percent of Libya's export earnings are from oil.  The country was pumping 1.4 million barrels a day before the revolt.  Those earnings are a quarter of the country's GDP.

The country is already producing about 400,000 barrels a day, thoughmost of that is going to domestic use. About 130,000barrels a day of refining capacity is back online, and the figure could expand to 300,000 by the end of the year. How long it will take to get production back up to pre-civil war levels of about 1.6 million barrels a day remains uncertain. Most industry analysts expect at least 500,000 barrels a day of output by year’s end, and more soon after. (Wash Post, 10/22/2011)

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