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Libyan oil production set to resume as politics takes its course

As Libya's 42-year rule by autocratic leader Muammar Gadhafi is in its final throes, a new era of oil production and politics is set to begin, The New York Times reports .

Reuters reports Ghadafy was the object of an intense manhunt while forces loyal to him attempted to dig in their heels in Tripoli. Oil production during the uprising, which began in mid February as protests before rebels became involved and converted the demonstrations into a full-fledged civil war, was essentially shut down and the publications report oil multinationals are itching to capitalize on the autocrat's fall.

"We don't have a problem with Western countries like the Italians, French and UK companies," information manager Abdeljalil Mayouf of Libyan rebel oil firm AGOCO told Reuters. "But we may have some political issues with Russia, China and Brazil."

The preferences are indicative of which oil companies were supportive of the ousted leader's rule or the aspirations of the rebels, according to The Times. Russia, China and Brazil were not supportive of anti-Gadhafi sanctions but, rather, they preferred a negotiated settlement. Each nation has oil firms clamoring for Africa's oil reserves.

Libya's oil exports before the February protests began totalled roughly 1.6 million barrels per day, according to Reuters.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.