The National Oil Corporation in Libya (NOC) is eager to reopen one of their main export hubs this week, marking the first movement from the OPEC member since oil terminals were placed under force majeure at the beginning of this year after the occupation of the Libyan National Army (LNA). As the blockade reaches into its seventh month and Libyan oil production plummeting from 1.2 million bpd to 100,000 bpd during this period, the LNA and NOC are currently negotiating the restart of oil production.
The United States has joined the United Nations and Libyan government’s investigation into the potential brokering of an unlawful sale of Libyan oil by General Khalifa Haftar. The rebel general reportedly traveled to Venezuela to discuss oil contracts to raise money for his Libyan National Army (LNA) through the sale of crude oil. Libya’s National Oil Corporation (NOC) is the only legal entity allowed to market Libyan crude as a result of sanctions given by the United Nations during the country’s civil war.
Libya is an OPEC member nation in Africa, according to their information on OPEC’s website, “Libya is the 16th largest country in the world in terms of land mass, comprising around 1,760 thousand square kilometres. More than a quarter of the country’s six million plus inhabitants live in its capital city, Tripoli. Arabic is the main language. Apart from petroleum, Libya's other natural resources are natural gas and gypsum. Its economy depends primarily on the oil sector, which represents about 69 per cent of export earnings. Moreover, the oil and gas sector accounts for about 60 per cent of total GDP.” Unfortunately, Libya is in the middle of civil war, starting in 2011 with the fall of Col. Muammar el-Qaddafi. The fight is between the United Nations-backed government seated in Tripoli and the Libyan National Army based in the eastern portions of the country, and unfortunately that leaves Libya’s National Oil Company sitting in the middle trying to remain a neutral party.