Libya Oil Industry Recovery: What It Means For The Rest Of Africa
By NJ Ayuk If I called 2020 a terrible year for the oil industry, no one would take exception. Demand collapsed in the spring, during the first wave of the COVID-19 pandemic, and it has yet to recover fully. Prices then collapsed in April as OPEC and Russia walked away from production curbs and flooded the market with crude that no one wanted or needed, and once again, they have yet to regain all of the ground they have lost.There have been a few bright spots, though. One of those is Libya, which has managed to overcome some very daunting challenges. I'd like to tell you the story of how that happened.Starting Near Rock BottomWhen the African Energy Chamber (AEC) started drawing up our 2021 Africa Energy Outlook, which was released on Nov. 10, Libya's oil industry was still struggling in the face of persistent civil conflict.At that time, the…
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