Country Analysis Brief: Libya
Source: Energy Information Administration
The Libyan economy is heavily dependent on the hydrocarbon industry which, according to the International Monetary Fund (IMF), accounted for over 95 percent of export earnings; an estimated 85-90 percent of fiscal revenues; and over 70 percent of the country’s gross domestic product (GDP) in 2008. According to the Oil and Gas Journal (OGJ), Libya holds close to 44 billion barrels of oil reserves, the largest in Africa. EIA data indicate that 2008 total oil production (crude plus liquids) was approximately 1.88 million barrels per day (bbl/d).

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