Skip to comments.As oil output falls, Libya is on the verge of economic collapse
Posted on 04/18/2016 2:48:48 PM PDT by Lorianne
The rapid deterioration of Libyas oil-dependent economy is threatening the objectives of the countrys new Western-backed government and budding efforts to confront the Islamic State in North Africa, political and security analysts say.
Within hours of arriving in Tripoli two weeks ago, the government made controlling the nations oil a priority. It persuaded a powerful militia to hand over three oil terminals, and the national oil company gave its support.
But the road to securing Africas largest reserves is riddled with even greater obstacles, and bringing the battered industry back to its full potential promises to be a colossal mission. With global crude prices in a slump, there is a sense of urgency for the unity government to boost oil production and alter Libyas trajectory.
Libya is on the verge of economic and financial collapse, said Claudia Gazzini, senior Libya analyst for the International Crisis Group.
Instability has sharply reduced production levels as armed factions have taken over oil and gas regions. If the government fails to exert control, the contest for energy resources could deepen political fissures and trigger more violence, preventing the unified front that Washington and its allies seek against the Islamic State, analysts say
Resurrecting Libyas oil production is crucial to preventing economic ruin, which could force the country to become heavily dependent on Western aid and propel more Libyans to flee to Europe, adding to the refugee crisis there. Its also vital for the governments survival.
(Excerpt) Read more at washingtonpost.com ...
But our CIA assassinated him and immediately set up a central bank (because that’s what “rebels” do) so it would be beholden to the IMF. Now you’re telling me it’s not working out?
Algeria and Libya will finally have pissed off everyone else on the continent and have ceased to exist.
Oh brilliant. Lose a little bit on each barrel and make up the losses with volume.
They need to ask Hillary what to do next.
Another rousing foreign policy success for the Obama administration.
I am wondering about Russia.
Trump: Take the Oil.
What a mess Obamary created there. I feel for those poor folks.
Cue Tina Turner:
Mad Max scenario, here we come!
Gee, I was sure that bombing Libya into rubble
would turn them into an economic power house!
The fighting in the now failed state Libya makes it hard to run the oil wells and hard to get oil to market more than the now lower price of oil
This one is less Obama’s fault than Hillary’s. Obama was on the golf course and out of the loop.
Here she is taking credit for it. http://www.youtube.com/watch?v=FmIRYvJQeHM
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.