libya is Home To The Largest Proven Oil Reserves In Africa
Libya's discovery of oil in the 1950s marked a significant improvement for the country, which had previously been one of the poorest in the world. The country's annual oil output peaked at 1.65 million barrels per day in 2010. Oil and petroleum products account for the majority of the country's exports and government revenue today. It is also one among Africa's 15 most prosperous economies, including South Africa, Nigeria, Algeria, Egypt, and Cameroon, among others. Nonetheless, the country's unpredictable political situation has caused worldwide oil price changes in recent years.