Ending sanctions againts Libya?


U.S. to restore relations with Libya Hmmm. Could it be their oil? . Can terrorists be rehabilitated? If they are sitting on our oil? And we're about to go war with the other terrorists also sitting on our oil? And it's an election year? Look it's a Libyan Oil Study!. If they have an oil study like that? Yes. They. Can.

I wonder why now?

As the second-largest oil producer in Africa behind Nigeria, Libya holds 36 billion barrels of proven oil reserves, almost three percent of the known world total. But analysts say that only 25% of the country has been explored for oil and gas, and up to 100 billion barrels can be found. Libyan crude oil is particularly attractive due to its very low sulphur content; it requires much less refining than higher sulphur oil. It is extremely high quality crude, whose characteristics are not easily found elsewhere. Despite its unique treasure, Libya's production capacity is relatively small, standing on 1.5 mbd of crude, or 2% of world supplies. This is less than 50% of the country's 1970 production peak level, which was around 3.3 million barrels per day (mbd.)

One reason the country's oil production has been so modest in relation to its reserve base is that since its involvement in the 1988 Lockerbie bombing Libya had been under U.S. and United Nations sanctions which hindered its ability to generate enough investment to develop its oil sector.