Ahmed Al-Ghabir is a former consultant at the Ministry of Oil. He is also an energy sector expert. He believes Libya will achieve greater returns. This is due to rising oil prices. The closure of the Strait of Hormuz could temporarily boost these gains. However, this potential increase remains threatened. It faces rising commodity prices. He described this as both a paradox and a dilemma.
Al-Ghabir explained this in special statements to “Erem News Business”. He stated that rising oil prices present an opportunity for Libya. It allows the country to achieve greater revenues. However, these gains may coincide with an increase in commodity prices. This would impose additional pressure on the local market.
He added that this golden opportunity for Libya to sell its oil at the highest price is not only threatened by rising prices. It is also threatened by the country’s inability to significantly increase production. This is due to the need for field development. Debt repayment is also necessary. Funding for production maintenance projects is crucial.
Al-Ghabir pointed out that any actual increase in production requires injecting new funds. These funds are for the oil sector budget. This would allow for the implementation of development and maintenance work. It would also help preserve production levels.