Libyan oil sector set to boom

The United States’ move on Monday toward normalised relations with Opec member Libya should help the African nation in its quest to expand its crude oil production capacity, experts said.

Culminating a years-long rapprochement, Washington will reopen an embassy and remove Libya from a list of state sponsors of terrorism, rewarding the longtime pariah nation for scrapping its weapons of mass destruction programs.

Libya produces about 1.6m barrels per day of crude oil, which puts it toward the rear of the pack of Opec’s 10 members.

The Peninsula