LIBYA TO MAKE A COMEBACK
Libya had a considerable stake in the oil industry in 2010, before a revolution killed then dictator Moammar Qaddafi. Since then, a long-lasting civil war and ISIS have prevented the Middle Eastern country from rising back to its former stature. A positive step was taken towards that goal recently, when rival governments in Libya agreed to merge their oil companies. Experts believe that this move could easily double LIbya’s oil production. However, the country still faces massive obstacles, such as the deterioration of its infrastructure, along with political conflicts and security issues. Matt Smith, director of commodity research at ClipperData, said that Libya has the potential to regain momentum, but does not have the stability to do so. Smith does have a point, as LIbya’s oil production has been erratic, to say the least. In 2010, it pumped out 1.6 million barrels per day. In 2011, consequence of the Arab Spring, it made just 80,000 per day. In 2012 and 2013, it seemed to return, with a production of just over 1 million barrels per day. However, 2014-2016 saw the production fall below 500,000.