GLOBAL OIL

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The Libyan economy depends on oil. It brings in almost all export revenue and forms a quarter of its economy.

Libya has low production costs and is close to European refineries. Libya has vast proven and unproven reserves of oil and natural gas - the largest in Africa.

Oil revenue allows a high level of social services for the people, esp. when compared to its North African neighbors.

Libyan leader Qaddfi is responding to pressure to rejoin the world economy. He has renounced weapons of mass destruction, joined the fight against terrorism and begun loosening its highly-centralized economy.

Global oil companies are returning to modernize the oil infrastructure.