Ship movements through the Strait of Hormuz have slowed down, causing a sharp rise in crude oil and gas prices. This route is critical, as nearly 20 percent of the world’s crude oil and about one-third of its gas supply pass through it. The country has more than 4,500 billion cubic meters of known gas reserves, but its annual production capacity is around 100 billion cubic meters. Libya’s Oil Reserves and Internal DivideLibya has around 48.4 billion barrels of crude oil reserves, the largest in Africa. Although Libya’s oil production has reached about 1.4 million barrels per day, increasing it to 2 million barrels will require years of investment.

Source: News 24 March 22, 2026 11:15 UTC