Oil Production: Libya and Record Highs

oil production: With the dinar rapidly losing value, inflation has accelerated, further eroding real incomes," the report said, according to Deutsche Welle. Libya Al-Ghani oil field Middle-class challenges DW spoke with Maaz Belkheir, a Libyan finance student at the Near East University in Cyprus, for his opinion on how this data impacts the middle class in Libya. Libya also faces inflation and trade deficit issues, as well as political instability due to the fall of dictator Moammar Gadhafi five years ago. "With oil production just a fifth of potential, revenues have plummeted, pushing fiscal and current account deficits to record highs. He claims that due to the limited availability of transferring money from Libya to accounts abroad only once or twice a month, citizens are resorting to the black market. "The currency black market is always working, no restrictions and it is possible for you to send any amount, any time, any day but at a price," he said. Belkheir also said that the economic situation is "the most important question that Libyans have at the moment, even more so than the political state of the country." As Arab Spring countries such as Libya or Tunisia have transitioned away from the old regime to a new style of government, jobs have been lost, resulting in higher unemployment. Libyans have to pay exorbitant exchange rates on the black market to transfer currencies, creating financial problems for citizens abroad studying, working or receiving medical treatment. (news.financializer.com). As reported in the news.