Libya’s rival political factions must quickly form a unity government to stop the country with Africa’s largest oil reserves from collapsing into a “failed state,” National Oil Corp. Chairman Mustafa Sanalla said. Libya has lost $60 billion in production and exports as a result of disruptions at oil ports and fields over the last three years, and attacks by Islamic State militants have caused “tremendous” damage to the oil industry in the last two weeks, Sanalla said in an e-mailed statement. “Their objective is to prevent the new government from stabilizing the economy,” he said of the militants. “They are not trying to occupy oil facilities, only to disable them. Their attacks have been very targeted, and they have managed to achieve a considerable level of damage with very few people. We should expect more such attacks.” Libya produced about 1.6 million barrels a day of crude before the […]