Political Turmoil Highlights the Fragility of Libya's Planned Oil Boom

Following a broadly peaceful 2023, Libya’s oil sector once again looks as stable as a puff adder on Benzedrine. Having averaged crude oil production of around 1.1-1.2 million barrels per day (bpd) for much of the last year and a half, the country had appeared unusually well placed to begin the process of increasing its output to 2 million bpd within the next three to five years as planned. After all, it still sits atop the largest proved oil reserves in Africa, at about 48 billion barrels. However, last week saw an extraordinary shutdown…