War-torn yet oil-rich Libya will revert to shipping crude oil by the end of the weekend, Bloomberg reports.
As the host of the largest reserves of oil in the African continent, Libya slowed down its exports of the energy commodity earlier this year as the Arab Spring gained steam. After Tunisia and Egypt ousted their long-time leaders, Libyans demonstrated to force Muammar Gadhafi from his 42 years of autocratic rule, which came to fruition last month when Gadhafi absconded.
Libya's representative to a Qatar summit of central bank governors from the Arabic nations told Bloomberg on Thursday that Libyan exports of crude oil will resume in no more than four days. Reuters reports a pipeline to export gas from Libya to Italy will not be operational until late October.
"We have started gas production from Sirte Oil. This will help bring electricity to Libya and help keep our diesel bill down," National Oil Corporation Chairman Nouri Berouin told Reuters.
At 1:06 p.m. on Thursday, crude oil futures increased 2.82 percent, a $3.09 lift to $112.74 per barrel.
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