| Author (Person) | Baconi, Tareq |
|---|---|
| Publisher | European Council on Foreign Relations (ECFR) |
| Series Title | Commentary |
| Series Details | 13.03.18 |
| Publication Date | 13/03/2018 |
| Content Type | Journal | Series | Blog, News |
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In January 2018, two oil and gas majors, Shell and BP, loaded their oil tankers off the coast of Libya, raising hopes that the country’s oil sector might be rebounding. Over the course of 2017, production had more than tripled from the lows of 2016, and Chairman of the National Oil Company (NOC), Engineer Mustafa Sanalla, indicated that production might return to its previous level of 1.6 million barrels per day. The author suggested that this was a laudable development given the challenges the NOC had to contend with. In a country that remained in the throes of multi-polar political struggles, proliferating militias, and rampant corruption, Libya’s oil sector held both the potential for stabilisation and the risk of accelerating the descent into chaos. International actors had a role to play in deciding how Libya’s oil sector impacted the country’s economic and political stability. Critically, the Libyan Central Bank must become more transparent when it came to the management of Libya’s oil wealth. |
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| Source Link | Link to Main Source http://www.ecfr.eu/article/commentary_libyas_rebounding_oil_sector_critical_to_stabilization |
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| Subject Categories | Energy |
| Countries / Regions | Eastern Europe, Northern Africa |
