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As oil output falls, Libya is on the verge of economic collapse
Washington Post ^ | 16 April 2016 | Sudarsan Raghavan

Posted on 04/18/2016 2:48:48 PM PDT by Lorianne

The rapid deterioration of Libya’s oil-dependent economy is threatening the objectives of the country’s 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 nation’s 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 Africa’s 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 Libya’s 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 Libya’s 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. It’s also vital for the government’s survival.

(Excerpt) Read more at washingtonpost.com ...


TOPICS: Business/Economy; Foreign Affairs; US: District of Columbia
KEYWORDS: africa; claudiagazzini; districtofcolumbia; energy; europeanunion; libya; methane; nato; opec; petroleum; sudarsanraghavan; tripoli; washingtoncompost; washingtonpost

1 posted on 04/18/2016 2:48:48 PM PDT by Lorianne
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To: Lorianne

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?


2 posted on 04/18/2016 2:56:24 PM PDT by Sirius Lee (Crump or Lose 2016)
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To: AdmSmith; AnonymousConservative; Berosus; Bockscar; cardinal4; ColdOne; Convert from ECUSA; ...

Algeria and Libya will finally have pissed off everyone else on the continent and have ceased to exist.
http://www.freerepublic.com/focus/chat/3188319/posts?page=62#62


3 posted on 04/18/2016 2:58:15 PM PDT by SunkenCiv (Here's to the day the forensics people scrape what's left of Putin off the ceiling of his limo.)
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To: Lorianne

Oh brilliant. Lose a little bit on each barrel and make up the losses with volume.

Just brilliant.


4 posted on 04/18/2016 2:58:32 PM PDT by Sequoyah101 (It feels like we have exchanged our dreams for survival. We just have a few days that don't suck.)
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To: Lorianne

They need to ask Hillary what to do next.


5 posted on 04/18/2016 3:00:20 PM PDT by johniegrad
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To: Lorianne

Another rousing foreign policy success for the Obama administration.


6 posted on 04/18/2016 3:01:01 PM PDT by headstamp 2 (Fear is the mind killer.)
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To: Lorianne

I am wondering about Russia.


7 posted on 04/18/2016 3:33:59 PM PDT by dhs12345
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To: dhs12345

Trump: Take the Oil.


8 posted on 04/18/2016 3:51:25 PM PDT by DIRTYSECRET (urope. Why do they put up with this.)
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To: headstamp 2

What a mess Obamary created there. I feel for those poor folks.


9 posted on 04/18/2016 3:52:07 PM PDT by Rennes Templar (President Trump: It's all over but the counting)
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To: Lorianne
"As oil output falls, Libya is on the verge of economic collapse"

Cue Tina Turner:

Mad Max scenario, here we come!

10 posted on 04/18/2016 3:54:02 PM PDT by PLMerite (Compromise is Surrender: The Revolution...will not be kind.)
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To: Lorianne

Gee, I was sure that bombing Libya into rubble
would turn them into an economic power house!


11 posted on 04/18/2016 3:57:29 PM PDT by TigersEye (This is the age of the death of reason and rule of law. Prepare!)
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To: Lorianne
Problems in Libya can't be true because Sec of State Hillary told us deposing Qaddafi would be good for all.

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

12 posted on 04/18/2016 4:04:22 PM PDT by RicocheT (Only a few prefer liberty--the majority seek nothing more than fair masters. Sallust, Histories)
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To: Rennes Templar

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


13 posted on 04/18/2016 4:34:00 PM PDT by thoughtomator
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To: Lorianne

Good.


14 posted on 04/18/2016 5:56:40 PM PDT by hal ogen (First Amendment or Reeducation Camp?.)
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15 posted on 04/18/2016 6:53:02 PM PDT by DoughtyOne (Hey Ted, why are you taking one for the RNC/GOPe team, and not ours? Not that we don't know.)
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