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Oil-Producing Libya Needs New Buyers

Libya needs to find new oil buyers after a drop in output to 250,000 barrels per day (bpd) due to protests has led to an increase in competition from Algeria and Nigeria, Oil Minister Abdelbari al-Arusi said on Saturday.   A mix of militias, tribesmen and civil servants have seized most oil ports and fields to demand more political power or higher pay, cutting off Libya's oil exports, its economic lifeline.   “We are facing a big problem because oil from Algeria and oil...

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