The Battle For Libyan Oil Is Heating Up

19 Dec 2017   Libya

Just as oil watchers wonder whether Libya’s ambitious oil production targets could undermine the OPEC deal, Libya’s General Haftar—the man largely responsible for freeing up Libyan oil production after two years—is hinting that he may run for elections and upset the fragile political balance. General Haftar, the head of the Libyan National Army (LNA) and allied with Eastern forces, said publicly that on 17 December that Libya’s U.N.-backed government is obsolete —a comment interpreted as a hint that Haftar plans to run in the country’s next elections. OPEC’s end-November production cut extension sparked talk about whether Libya, so far exempt from cuts, would reach its 1.25-million-barrel production target by the end of 2017 and thus upend the OPEC deal. However, producing at around 1 million barrels per day presently, the fragile nature of the political balance of power makes any increase in oil production tricky at best. Reuters likened […]

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