Libya oil: market coping despite bleak picture

Libya oil production (1965-2013)
Libya oil production (1965-2013)

After a brief period of calm following the civil war in 2011, Libya is experiencing a new wave of turmoil. Security challenges and political rivalries between different groups vying for control of local oil and gas resources and power have resulted in a significant fall in oil production and exports, which in turn is threatening the already fragile transition towards democracy and national unity. The global oil market, however, seems to be coping well this time.

<i>A year after the 2011 civil war, Libya exceeded expectations and rapidly ramped up its oil production and doubled its real GDP. That recovery was short lived. Since early 2013, production has suffered from cuts. In Li...

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