Absorptive capacity of Libya: a constrained expenditure approach. [Policy of max-minimize oil exports]
This paper is concerned with estimating the absorptive capacity of Libya as it relates to the country's development objectives. Specifically, the paper will attempt, on the bases of analytical assumptions and a model of econometric relationships, to estimate the levels of oil exports which will be required in order to finance the economic development of Libya over the next ten years. By emphasizing the requirements of domestic development, the question of surplus will not arise and, unlike in some other works, the absorption problem will not be met. This approach, explained in detail, should give more realistic results since it has been the policy of Libya to max-minimize oil exports since 1970, i.e., to export high enough to pay for imports and other foreign obligations such as foreign aid but low enough to not generate excess revenues. Excess revenues are revenues in excess of what is required to maintain the reserves/imports ratio at an optimum level. The conservation policy adopted by Libya has resulted in lowering production levels from a peak of 3.2 million barrels per day (mb/d) in 1970 to a little over 1 mb/d in 1975. This policy is expected to continue. (From Introduction)
- Research Organization:
- Univ. of Benghazi, Libya
- OSTI ID:
- 7363657
- Journal Information:
- J. Energy Dev.; (United States), Vol. 1:2
- Country of Publication:
- United States
- Language:
- English
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POLICY AND ECONOMY
02 PETROLEUM
LIBYA
ECONOMIC POLICY
PETROLEUM
ECONOMICS
MARKET
ALLOCATIONS
ENERGY SUPPLIES
INVESTMENT
PRODUCTION
PROFITS
SECURITY
SIMULATION
SOCIO-ECONOMIC FACTORS
AFRICA
ENERGY SOURCES
FOSSIL FUELS
FUELS
290200* - Energy Planning & Policy- Economics & Sociology
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020700 - Petroleum- Economics
Industrial
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021000 - Petroleum- Legislation & Regulations