Libya and oil
- Libya is an OPEC country (Organization of Petroleum Exporting Countries).
- It is 9th in the world for oil resources at 3.34% of the world's oil reserves.
- It is 16th in the world for the production of oil with 2.2% of the world's production.
- A large part of Libya's economy is based on oil.
- Exports of oil contribute to 75-90% of state revenues.
- Libya is reliant on foreign investment to keep the oil industry active.
- Libya is largely unexplored with vast oil and gas production as only 25% of the territory has…
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