Libya recorded the largest increase and improvement in the Global Peace Index for 2022, along with Egypt, Saudi Arabia, the Philippines and Algeria, according to the Global Peace Index. Libya ranked 14th in the Arab world and 151st globally.
According to the report, Libya jumped five places to 151 in the world rankings out of 163 countries, compared to the past five years. This occurred after a period of deterioration and armed conflict as a result of reaching a ceasefire agreement last October. The ceasefire agreement led to relative calm on the ground and a decrease in the number of deaths resulting from armed clashes and civil wars.
The Global Peace Report considered that the indicator of the intensity of the internal conflict in Libya is still high.
Notably, oil production in Libya is facing a sharp crisis due to the disruption of the country’s fields and ports, which has caused the halt of about 1.1 million barrels per day (bpd).
According to an infographic published by Asharqbusiness.com, the North African country came in tenth in the world’s largest proven oil reserves, hitting 48 billion barrels.
Proven oil reserves are those that have a reasonable certainty of being recoverable under existing economic conditions with existing technology.
Libya has the largest oil reserves in Africa. It also has the potential to have a greater reserve of fossil fuel than we currently know of, as it remains largely unexplored as a result of past sanctions against foreign oil companies.
Libyan oil accounted for 98% of government revenue in 2012 but, due to recent political instability, Libya’s power as an oil producer has been significantly hampered. Eventually, it is expected that untapped oil reserves will foster more economic investment as the political situation stabilises.