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WEEKLY NEWSLETTER
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Libya
Index
Libya joined OPEC in 1962. Since the Revolution, Libya has
played a prominent role in negotiations with the multinational oil
companies, succeeding in significantly increasing the producers'
revenues from oil production. Libya also has lobbied, without
notable success, for the investment of petroleum profits in Third
World nations rather than in industrialized countries.
Libya has pursued the same general policies within the
Organization of Arab Petroleum Exporting Countries (OAPEC), of
which it is a founding member. In 1972 Libya recommended an
amendment to the OAPEC membership eligibility requirements,
changing the stipulation that oil be "the major and basic source"
to merely "an important source" of a country's national income. As
a result of the adoption of that amendment, Syria, Iraq, and Egypt
joined OAPEC later in the year. Libya has been an advocate of the
use of oil as a political weapon; it enthusiastically backed
OAPEC's oil embargo of the United States and the Netherlands, as
well as the production reduction affecting most other West European
countries after the October 1973 War. Libya unsuccessfully resisted
OAPEC's decision to remove the embargo in March 1974.
Data as of 1987
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