South Sudan’s transitional government has announced it will resume oil production by July after a halt of more than two years during a bloody civil war for control of the newly independent country’s oil wealth. Though production will resume by July, pumping at fields will not reach the levels of production they enjoyed at their peak in 2010 for some time. When South Sudan became independent in 2011, it gained not only sovereignty but control of about three-fourths of Sudan’s oil production, a devastating blow to Sudan’s economy. The IMF estimates that Sudan lost roughly 55 percent of its fiscal revenues and about two-thirds of its foreign exchange earnings. Sudan’s crude oil export revenues were dramatically slashed from a near $11 billion in 2010 to less than $2 billion in 2012. Related: Shell’s Job Losses Now Equal Facebook’s Entire Payroll The year it became independent […]