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Country Report Libya Product Image

Country Report Libya

  • Published: March 2014
  • Region: Libya
  • 25 Pages
  • The Economist Intelligence Unit

Federalist rebels in the east of Libya have announced their first oil export since taking over several eastern oil ports in August.

A North-Korean-flagged oil tanker left the export port of Sidra on March 11th, having docked there five days earlier without central government permission. The Libyan government had previously threatened to bomb the foreign vessel, and even claimed at one point to be in "full control" of the ship. However, on March 10th it was announced that the ship had escaped the Libyan navy and had left Libyan waters. The vessel has a reported capacity of 350,000 barrels, although it is not clear if it was filled (media reports suggest that the tanker escaped with approximately 234,000 barrels of oil). The incident has already led to the dismissal of the prime minister, Ali Zidan, who was ousted in a parliamentary vote on the same day.

Protesters, led by Ibrahim Jadhran of the Petroleum Facilities Guard, took over the ports of Sidra, Zuietina and Ras Lanuf in August 2013 in protest at alleged corruption in Libya's oil sector (the three ports collectively account for 600,000 barrels/day of Libyan crude exports). Mr Jadhran is also head of the self-declared Cyrenaica Political Bureau (CPB), which is campaigning for increased autonomy for Libya's eastern region, and greater access to regional oil wealth.

Country Report Libya

Eastern federalists make first oil sale
Impact on the forecast

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