The oil website OilPrice reported today, Saturday, that Iran’s control over the Strait of Hormuz provides a major bonus for Libyan oil production.
The website noted that, amid Gulf producers’ efforts to find alternative export routes, international oil companies have turned to Libya, which holds Africa’s largest reserves and can supply Europe and North America. Recently, the state-owned Omani company OQEP signed an agreement to explore energy resources in the country.
The website added that many oil companies have returned to Libya after a 15-year pause due to political instability, including Eni, BP, TotalEnergies, Repsol, OMV, and Chevron, according to the report.
