The North African nation sits on 3% of the world's proven oil reserves, said Yousef Al Shammari, CEO and head of oil research at CMarkits in London. While it is a member of the OPEC oil cartel, it isn't bound by its production caps due to the political crisis it faces, meaning that it can extract and export as much oil as it wants.

Source: Libya Today June 20, 2022 14:35 UTC