Libya
Libya is a major oil producer with an average of 615,000 million barrels on a daily basis.
OPEC states that the country’s economy depends primarily on the oil sector, which represents about 69 per cent of export earnings. Moreover, the oil and gas sector accounts for about 60 per cent of total GDP.
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Libya is also an exporter of natural gas both by LNG and pipeline to Europe. According to the Libyan government, plans are underway to increase the country’s natural gas production to allow expansion in the use of natural gas in the power sector.
