Libya: Fractured Institutions Fail To Distribute Oil Revenue Gains
MEES, 24 August 2018
Libya’s oil production recovered to more than 1mn b/d in mid-August following a collapse to just 400,000 b/d early in July. The reopening of key export terminals in the east of the country has enabled a resumption of production from oil fields in the Sirte basin ( MEES, 13 July ). Output has been edging up since outages to Oil Crescent terminals in late June and early July were resolved last month. Production was up to around 850,000 b/d by 10 August, 900,000 b/d by 14 August and 1mn b/d by 16 August, according to oil industry sources. But sustained output is threatened by ongoing fractures across Libya’s divided institutions, localized instability caused by industrial action and armed militias.
State-owned Agoco, a subsidiary of Tripoli-based National Oil Corporation (NOC), has increased output to 190,000 b/d following the resolution of the Oil Crescent stand-off…
To continue reading this article, please visit MEES.com
Richard Nield is a freelance journalist, photographer and filmmaker covering the Middle East and Africa. In 10 years covering the region, he has been published and broadcast by clients including the BBC, Reuters, Al Jazeera, The Economist, The Financial Times, The Independent and Foreign Policy magazine. He has reported from throughout the region, including Algeria, Egypt, Libya, Morocco, Tunisia, South Sudan, Jordan, Lebanon, Syria, Kuwait and Saudi Arabia.
