During last year's revolt against the Qaddafi regime, Libya’s oil infrastructure was heavily damaged. Many oil fields were mined, ports were the sites of fierce battles between opposing rebels and Qaddafi forces, and the country’s largest refinery, Ras Lanuf, was shut down. Today, under the provisional governing authority of the National Transitional Council, Libya is in the process of restoring its capacity to produce and export oil.
The Libyan Oil Minister Omar Shakmak said that the administration expects to reach the pre-conflict levels of about 1.6 million barrels per day by the summer, up from the current 1.265 million. The boost in production along with the country’s political stabilization could help keep global oil prices in check.