Libya has the largest oil reserves in Africa and the tenth largest globally. Since 2011, when country’s longtime leader Muammar Gaddafi was toppled, Libyan oil production had dropped from 1.65 million barrels per day to 250,000 in August 2016.
Oil Price Dynamics
“Oil production began to grow, and in the beginning or the middle of the [next] year it will reach its normal level,” Saleh said. As agreed in December 2015, the two Libyan rival parliaments — the Tobruk-based House of Representatives and the Tripoli-based New General National Congress — established a UN-backed Libyan Political Dialogue as a mechanism of reconciliation and formed the Government of National Accord, which is yet to be supported by the House of Representatives.