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The Libyan economy is heavily dependent on the hydrocarbon industry which, according to the International Monetary Fund? (IMF), accounted for over 95 percent of export earnings and an estimated 80 percent of fiscal revenues in 2008. Preliminary data and short-term forecasts indicate that these figures will remain relatively stable through 2014. According to the Oil and Gas Journal? (OGJ), Libya holds around 44 billion barrels of oil reserves, the largest in Africa, and slightly over 54 trillion cubic feet (tcf) of natural gas reserves. In 2009, total oil production? (crude plus liquids) was approximately 1.8 million barrels per day (bbl/d).
Libya, a member of the Organization of Petroleum Exporting Countries? or (OPEC), holds the largest proven oil reserves in Africa, followed by Nigeria? and Algeria. According to Oil and Gas Journal (OGJ), Libya had total proven oil reserves of 44 billion barrels as of January 2010. About 80% of Libya’s oil reserves are located in the Sirte Basin?, which is responsible for most of the country’s oil output. Libya hopes to increase oil reserve estimates with incentives for additional exploration in both established oil-producing areas as well as more remote parts of the country. Exports
With domestic consumption estimated around 270,000 bbl/d in 2010, Libya's net exports (including all liquids) were slightly over 1.5 million bbl/d. According to the International Energy Agency around 85% of Libyan oil exports are sold to European countries, namely Italy, Germany, France, and Spain. With the lifting of sanctions against Libya in 2004, the United States has increased its imports of Libyan oil. According to EIA January through November estimates, the United States imported an average of 71,000bbl/d from Libya in 2010.
Libyan oil is generally light (high API gravity) and sweet (low sulfur content). The country's nine export grades have API gravities that range from 26.0o – 43.3o. While the lighter, sweeter grades are generally sold to Europe, the heavier crude oils are often exported to Asian markets.
Source EIA
Libya, a member of the Organization of Petroleum Exporting Countries? or (OPEC), holds the largest proven oil reserves in Africa, followed by Nigeria? and Algeria. According to Oil and Gas Journal (OGJ), Libya had total proven oil reserves of 44 billion barrels as of January 2010. About 80% of Libya’s oil reserves are located in the Sirte Basin?, which is responsible for most of the country’s oil output. Libya hopes to increase oil reserve estimates with incentives for additional exploration in both established oil-producing areas as well as more remote parts of the country. Exports
With domestic consumption estimated around 270,000 bbl/d in 2010, Libya's net exports (including all liquids) were slightly over 1.5 million bbl/d. According to the International Energy Agency around 85% of Libyan oil exports are sold to European countries, namely Italy, Germany, France, and Spain. With the lifting of sanctions against Libya in 2004, the United States has increased its imports of Libyan oil. According to EIA January through November estimates, the United States imported an average of 71,000bbl/d from Libya in 2010.
Libyan oil is generally light (high API gravity) and sweet (low sulfur content). The country's nine export grades have API gravities that range from 26.0o – 43.3o. While the lighter, sweeter grades are generally sold to Europe, the heavier crude oils are often exported to Asian markets. Source EIA
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