Such is the case of Libya, a smaller but significant oil supplier, that has been recently accused by some Western media outlets of “misrepresenting oil production figures” to create unnecessary volatility in the market. The President has already asked oil companies to push the pedal on their drilling and oil production capacities to help avert any future crises. Previously, America’s “Shale Oil Production” had helped offset minor shortages of oil. Shale oil is a high-quality crude oil that lies between layers of shale rock, and the USA has the biggest shale oil reserves in the world. Nevertheless, the production of shale oil has conventionally been more expensive than the extraction of conventional crude oil.

Source: Libya Today July 03, 2022 20:25 UTC