Qatar recognises Libyan Rebels And Agrees To Sell Their Oil


Photo: ap

In what is the latest sign the Qaddafi regime is doomed, Libyan rebels have secured a deal to sell the oil produced in the country to Qatar, which will then sell it on to the broader market, according to Upstream Online.This news comes in concert with Qatar recognising the rebel Libyan council as the country’s political authority, according to Reuters.

That oil will come to market in about one week, according to the rebels.

This won’t bring back all of Libya’s oil output to market just yet, with only a 300,000 barrels per day ready to go. Prior to the outbreak of civil war, Libya was bringing 1.6 million barrels per day to market.

Overall, this screams legitimacy for the rebels and their political leaders, who now will have a real source of income to use for everything from arms to emergency goods for the ailing population.

Don’t miss: The 11 countries that could become the next Libya >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at