The Libyan Oil Industry’s Story of Recovery – And What it Means for the Rest of Africa
When the African Energy Chamber (AEC) started drawing up our 2021 Africa Energy Outlook, which was released on Nov. 10, Libya’s oil industry was still struggling in the face of persistent civil conflict.
If I called 2020 a terrible year for the oil industry, no one would take exception. Demand collapsed in the spring, during the first wave of the COVID-19 pandemic, and it has yet to recover fully. Prices then collapsed in April as OPEC and Russia walked away from production curbs and flooded the market with crude that no one wanted or needed, and once again, they have yet to regain all of the ground they have lost.