Economic lifeline as the oil flows again

Libya’s fractured political and military balance shifted again on September 11, as the self-styled Libyan National Army of General Khalifa Haftar seized control of the Oil Crescent from a local militia that had blockaded the area. Days later, the National Oil Corporation (NOC) said that exports from the ports would resume immediately. On September 21, a tanker left the port of Ras Lanuf for the first time in two years.

The World Today Published 28 September 2016 Updated 26 November 2020 2 minute READ

The resumption of oil exports raises the prospect of a much-needed boost to a war-ravaged Libyan economy. It may help stave off the threat of bankruptcy: Libya’s hard currency reserves fell from $111 billion in 2011 to

$40 billion in July 2016. ‘Instead of hurting each other, we should be cooperating to generate as much revenue as we can for the benefit of all Libyans. It is time to let Libya’s oil flow freely and get Libya back on its feet,’ said NOC chairman Mustafa Sanalla.

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