Libya's $60 Billion in Lost Oil Highlights Risk of Failed State
- National Oil urges rival factions to form unity government
- Islamic State caused `tremendous' damage to oil facilities
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Libya’s rival political factions must quickly form a unity government to stop the country with Africa’s largest oil reserves from collapsing into a “failed state,” National Oil Corp. Chairman Mustafa Sanalla said.
Libya has lost $60 billion in production and exports as a result of disruptions at oil ports and fields over the last three years, and attacks by Islamic State militants have caused “tremendous” damage to the oil industry in the last two weeks, Sanalla said in an e-mailed statement.