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News Link • Libya

Oil Politics Driving Libya Closer To Failure

• http://oilprice.com, By Zainab Calcuttawala

On Monday, NOC Chairman Mustafa Sanalla announced that the country has built its oil production up to 760,000 barrels per day and planned to go ahead with plans to expand production to 1.1 million bpd by August of this year.

Just a few days earlier, that same official openly criticized Libya's Government of National Accord (GNA), a United Nations-backed government whose formation last year raised hopes of political unity in a nation divided by warring militant groups. Sanalla said the GNA aimed to wrest control of NOC's petroleum deals for power over Libya's economic future.

Oil profits will be the lifeblood of any successful future government in Libya. Under Gaddafi's reign, fossil fuels made up over 90 percent of Tripoli's revenues, which the government used to provide heavy food and consumer goods subsidies to its citizens in exchange for loyalty.

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