Tuesday, 23 August 2011

Libya's chance to make a clean break with its own solution - The National

With the war against the 41 years of Muammar Qaddafi's capricious and tyrannical rule approaches its end. Now is the time to ensure that Libya's vast oil resources are never again the tool for oppressing its people.

The first priority for the economy is to restore oil production. War damage to facilities needs to be assessed, minefields cleared, and blocked pipelines restored. Oil exports are crucial for funding the transitional government and getting the economy back on its feet.

Most analysts are pessimistic, suggesting three to four years to return to pre-war levels of 1.6 million barrels per day (bpd). Yet if reasonable security can be restored, repair could be faster: Kuwait's oil output recovered from Saddam Hussein's far more devastating scorched earth policy within two years.

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