Since the ousting and subsequent killing of Muammar Gaddafi in 2011, Libya’s oil production has remained below capacity. With the lingering effects of civil war, the country which is a member of OPEC has struggled to boost oil production in its major oil fields. Despite registering an increased average output of 828,000 barrels daily in 2017, Libya has failed to attain the production levels realized during Gaddafi’s reign. Libya has the largest proven oil reserves in Africa with an estimated 47.1 million barrels in reserves. The country has also been ranked 9 th in the world In terms of existing oil reserves. Despite this, Nigeria is currently the leading producer of oil in Africa. Back in the 1970’s, Libya was producing 3 million barrels of oil per day. This identified Libya as a key supplier of sweet crude oil to Europe. At the time of Gaddafi’s death, the country’s […]