How soon can Libya get its oil to flow?
An undated picture, taken before the fall of Moammar Gadhafi's regime, shows a general view of an oil and gas field in Tripoli.
October 26th, 2011
08:57 PM ET

How soon can Libya get its oil to flow?

With former Libyan leader Moammar Gadhafi ousted and dead, Libya’s interim government seems confident the country can reach pre-war oil production levels soon. But not everyone is so optimistic.

Before the February uprising, Libya put out about 1.6 million barrels of oil each day. That’s 2% of the world’s daily oil production.

The oil stopped flowing during the civil war as foreign companies left without properly shutting down the oil infrastructure. It is estimated Libya is now producing about 350,000 barrels of oil per day, but Libya’s new leaders are anxious to get more oil flowing.

Some oil companies that operated wells and refineries in Libya before the war “expressed some skepticism regarding a restoration of production to full pre-war levels within the next six months,” according to Fadel Gheit, managing director of oil and gas research at the Oppenheimer & Co. investment bank and firm.

“Obviously, the whole country is in shambles … civil war, total anarchy. Nobody is in control,” Gheit said. “So it’s not, obviously, a situation that will encourage oil companies to hurry back to Libya anytime soon.”

Gheit said because European oil companies left Libya so quickly during the uprising, they didn’t place the drills and refineries in a state that would make them easy to start up again. In some cases, wells will have to be re-drilled.

The new leaders of Libya will have to invest in the dilapidated oil infrastructure to maximize production and increase the nation’s revenue. But their limited funds are also needed to rebuild the country in the wake of intense fighting. If they spend too much on one, they may not be able to get the other done.

Click the audio player to hear the rest of the story from CNN Radio's Steve Kastenbaum:

You can also listen to the CNN Radio Reports podcast on itunes or subscribe to the podcast here.

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Filed under: Libya
soundoff (99 Responses)
  1. Trolls in a row

    I thought Jazz was the bible thumper that spoke Jesus with Philip?

    October 26, 2011 at 11:36 pm | Report abuse |
    • ConTroll

      Yes...and if you thought hypocrite you's be right.

      October 26, 2011 at 11:41 pm | Report abuse |
  2. chrissy

    hello controll lol u know ur gettin no where real quick right? 🙂

    October 26, 2011 at 11:38 pm | Report abuse |
    • ConTroll

      Hi chrissy. teah, I know, but if it gets Dudly Dike DoWrong to cut her sh!t out and stop acting like she's better than us it's worth it. Phony broad hag Mary Mary Quite Ugly And Hairy Jazzhole.

      October 26, 2011 at 11:45 pm | Report abuse |
  3. chrissy

    bible thumper? wow thats a good one! not that i would ever associate that term with her. shes one of lifes lost souls for sure

    October 26, 2011 at 11:44 pm | Report abuse |
    • ConTroll

      Walks like a suck talks like a suck, she sucks, stoopid peac*u*n*t!

      October 26, 2011 at 11:47 pm | Report abuse |
  4. Trolls in a row

    I always had my suspisions about those 2. Speaking about the bible while being a ter–ror -ist.

    October 26, 2011 at 11:46 pm | Report abuse |
    • ConTroll

      Hypocrites, the names are Philip and Mary...holier-than-thou thugs ya ask me!!!

      October 26, 2011 at 11:50 pm | Report abuse |
  5. chrissy

    omg lmfao u are full of it tonite conTroll

    October 26, 2011 at 11:48 pm | Report abuse |
    • ConTroll

      So i've been told, chrissy.

      October 26, 2011 at 11:53 pm | Report abuse |
  6. Trolls in a row

    Maybe she is also philip? or are they different in their post patterns?

    October 26, 2011 at 11:48 pm | Report abuse |
    • ConTroll

      Style different. Go to Yemen veil blog to sample Philip as Chinaman.

      October 26, 2011 at 11:51 pm | Report abuse |
  7. Trolls in a row

    lol. Controll ILMAO. Big time I enjoy your post immensely. I guess she has nothing to say.

    October 26, 2011 at 11:51 pm | Report abuse |
    • ConTroll

      She never di, Trolls in a row, that's how you know it's her.

      October 26, 2011 at 11:52 pm | Report abuse |
  8. Trolls in a row

    Was she the one hassling the new kid on the block last night?Dragonex

    October 26, 2011 at 11:52 pm | Report abuse |
    • ConTroll

      Doubt it. She sure hit on her tonight, the slag hag Jazzass that she is.

      October 26, 2011 at 11:55 pm | Report abuse |
  9. Trolls in a row

    I saw the Chinaman.

    October 26, 2011 at 11:54 pm | Report abuse |
    • ConTroll

      Then you also saw the face of insanity and the lost place of broken thoughts. Certifiable, that one, Together they make the greatest tag team for dysfunctiality of all time.

      October 26, 2011 at 11:57 pm | Report abuse |
  10. chrissy

    c-cant u-understand n-normal t-thinking

    October 26, 2011 at 11:55 pm | Report abuse |
    • Trolls in a row

      you must be feeling better lol

      October 26, 2011 at 11:57 pm | Report abuse |
  11. Trolls in a row

    I just hate it when someone pretends to be saintly and they are just the opposite. So her names are Jazz, mary, peacon and what else? Jazz I hope your bible catches on fire.

    October 26, 2011 at 11:56 pm | Report abuse |
    • ConTroll

      Not here too much anymore. She's too dumb to think she can get away with people not knowing. i am the trollbuster of those two since they pollute the blogs while judging others. Call me the hammer of divine justice. Hitting on the newbie and talking dirty. She must be p!ssed at Philadelphia cream sl eeze again.

      October 27, 2011 at 12:02 am | Report abuse |
  12. tif31

    nitol

    October 26, 2011 at 11:59 pm | Report abuse |
  13. Trolls in a row

    Some really fudged up people. Then philip wonders why noone wants to listen to his woes.

    October 27, 2011 at 12:00 am | Report abuse |
  14. raven

    Now,now, you guys, if someone wants to claim rejection and repression as voluntary celibacy, who are we to shatter that illusion ?

    October 27, 2011 at 12:00 am | Report abuse |
    • ConTroll

      Well, raven if we didn't have to read it day after day after day after day....

      October 27, 2011 at 12:05 am | Report abuse |
  15. chrissy

    and thats bein awful nice on ur part controll! ive never met 2 more evil, twisted ppl in my life. and controll u know ive been on the receiving end of there crap more times than i like to count.

    October 27, 2011 at 12:00 am | Report abuse |
    • ConTroll

      Gotcha back, chrissy. Those two make me vomit in my mouth when i see them.

      October 27, 2011 at 12:03 am | Report abuse |
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