Mar 24 · Last update 7 mo. ago.

What effects has Libya’s oil crisis had on the situation in the country?

Libya has been in a state of civil war since the Arab Spring protests of 2011, which led to an immediate outbreak of civil war in which Muammar Gaddafi was overthrown, and a second outbreak in 2014 which is on-going and looks set to worsen. In addition to the tens of thousands of lives lost in fighting, these wars have had a devastating effect on Libya’s oil production, the backbone of the Libyan economy, and have cost the country billions of dollars in losses. What role has oil played in the Libyan civil wars? What effects has the Libyan oil crisis had on the situation in Libya? And what wider international impacts could this have? foreignpolicy.com/2020/03/18/libyan-civil-war-about-get-worse bbc.com/news/world-africa-13755445 newsmax.com/world/globaltalk/libya/2020/03/12/id/958155
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Positive for world market
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Positive for world market

Libya has the biggest known oil reserves in Africa and is an important member of the Organisation of Petroleum Exporting Countries (OPEC). As OPEC is currently embroiled in a bitter pricing war with Russia, Libya’s falling oil output has remained a positive for the world market, as another large supplier in this atmosphere would have made this situation worse. It has also helped keep the pressure off in a time of global over supply of petroleum, especially considering the massive fall in demand currently being driven by the coronavirus pandemic. While the oil crisis is undoubtedly a negative for Libya it have taken some of the pressure off over other OPEC members who are able to somewhat maintain production through this difficult time.

foxnews.com/world/russia-and-saudi-arabia-spark-unprecedented-oil-war abcnews.go.com/International/wireStory/oil-crisis-deepens-libya-losses-exceed-billion-69573311 energy-cg.com/OPEC/Libya/Libya_EIA.html

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