Libya: Economic Crisis Worsens Despite Rise in Oil Prices

As an oil-exporting country whose revenues typically increase in tandem with a rise in oil prices, Libya should have ranked among countries benefiting from this year’s spike in oil prices. Furthermore, according to the Energy Research Unit, Libya ranks 10th in the world in terms of proven oil reserves, with total reserves of nearly 48.4 billion barrels. Alongside the high unemployment rates in Libya, inflation rates rose to unprecedented levels this year due to the convergence of several factors. The groups that typically are most affected by these repercussions are the most vulnerable social strata, women and children. At the same time, foreign interventions continue to fuel these divisions and drive the conflict in a country with significant oil reserves.