In a tweet on 28 June, the US embassy has, for the first time, unveiled what it called "efforts" to "establish a Libyan-led mechanism to provide transparency regarding how oil revenues are spent". The aim, then, was to make sure that oil revenues are equally distributed among Libyans through a unified mechanism to avoid any suspension of oil production and exports of the country's lifeline, oil, ultimately de-weaponising oil in the conflict. READ: Libya's power cuts enrage citizens, spurring protestCritics believe what the US Ambassador is proposing is an amended copy of the notorious "oil for food program" that was imposed on Iraq in 1995 to deny Iraq the freedom of managing and utilising its oil revenues. Furthermore the accounts of the Libyan State will be reviewed by a third party—likely to be an independent accounting firm—illegal under current Libyan laws. READ: Protesters set Libya parliament on fireMany believe the international military intervention in Libya in 2011 was, partly, to dominate and control part of the country's huge oil wealth.


Source:   Libya Today
July 07, 2022 15:40 UTC