More From The Med (Maybe)
08 April 2016: The Arab Spring movement, which started in Tunisia in December 2010 and quickly spread throughout North Africa and the Middle East, started to have an impact on Libya in February 2011 and by October of the same year, Muammar Gadaffi, the country’s leader since 1969, was ousted and killed. Since then, the country continues to be marred by violence and instability. At an estimated 48 billion barrels, Libya has the largest proved crude oil reserves in Africa and the ninth-largest amount globally. Libya joined OPEC in 1962, one year after it started exporting oil. Oil production and exports have been extremely volatile since the civil war broke out in 2011, but there have been a few encouraging signs for tanker owners lately as a new Government of National Accord (GNA) may be able to increase the flow of oil, which has fallen from more than 1.6 million barrels per day (b/d) in early 2011 to average only 400,000 b/d recently.
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