As Libya continues its slide into civil war, it’s worth thinking about the impact the fighting is having on the country’s oil industry, critically important to its economy. Control of five major oil terminals remains in dispute, with rebels fighting Qaddafi’s forces holding Marsa el Hariga and Zueitina. Ras Lanuf (above) has been retaken by the government.
Libya exported an average of 825,000 barrels a day of light crude before fighting broke out in early March. In January, the nation produced 1.69 million barrels per day.
The value of Libya’s oil exports was $33 billion in 2009 market prices. As large as that seems, it makes up only about 2% of global oil production.
There are six major oil terminals in Libya, five of which are in the eastern region (Es Sider, Marsa el Brega, Ras Lanuf, Tobruk (above), and Zueitina). These five accounted for 958,000 barrels per day in loading volumes for January of this year.
One tanker has left Libya since fighting began. Petroleum exports make up 47% of Libya’s GDP, according to OPEC.
Continue reading: http://money.cnn.com/galleries/2011/news/international/1104/gallery.war_libya_oil.fortune/5.html