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UPI reported that Libya’s oil industry is not expected to return to the pre-civil war production level of 1.6 million bpd for at least two years.
UPI reported that Libya’s oil industry is not expected to return to the pre-civil war production level of 1.6 million bpd for at least two years.
The market news is quoted as saying:
The country’s long-term prosperity lies in large part on its energy industry. But six months of fighting between rebel forces and Moammar Gadhafi’s regime has reduced oil output to a trickle of little more than 50,000 bpd.
The International Energy Agency says that it will likely take until 2013 to repair the damage to oil installations, such as wells, pipelines and terminals.