Libya is on track to rake in a nine-year high $37bn in oil export revenues in 2022 on the back of higher oil prices. Such a level would represent a 36% rise on 2021’s $27.5bn, when the country’s oil exports hit 1.18mn b/d, the highest since 2013.
That’s quite a bounty. But it could have been much higher were it not for a three-month politically motivated oil blockade which lasted between April and July and which knocked several hundred thousand barrels of daily production offline when oil prices were at peak levels (MEES, 5 August). (CONTINUED - 889 WORDS)