Why Libya Is So Important for Crude Oil Markets? The grand prize for controlling Libya would be its enviable oil reserve, ranked 7th in the world, taking up 39% of Africa’s total reserves, and possibly with more crude oil lies unexplored beneath the sands and sea beds. Libyan crude oil is known for its “sweetness” – which does not require much effort to be processed into conventional car fuels. Libya currently produces around 1.2 million barrels of crude oil on a daily basis, with five functional refineries, and expansion and repair plans underway. While Dbeibeh retained control in the west and the capital city of Tripoli, Haftar used Benghazi as his base and took the east, and Bashagha operated his administration in Sirte – a coastal city between Tripoli and Benghazi.

Source: The North Africa Journal June 10, 2022 09:39 UTC