Libya has been teetering on the edge of economic collapse for a couple of years now, and may have just made a narrow escape, right when the World Bank issued a dire warning about its future fortunes. The danger is not over yet, however, as so much depends on the continued political stability of the North African country. Two years ago, civil war-torn Libya suffered a blow when the Petroleum Facilities Guard, a local militia, took control over its four export terminals in the so-called Oil Crescent. From that moment up until this September, Ras Lanuf, El Sider, Zueitina, and Brega were under the control of the militia, which used them as a means of extorting money from the available authorities, effectively suspending oil exports from the country. Things changed this September, when the Libyan National Army took over the four ports and handed control over to […]