Oil income and foreign reserve began to reduce and price was rising up after the 1992 sanction. But its economy can still move on. The main resource is oil with known deposits of 45 billion to 50 billion barrels most of which are light oil. Natural gas is 1.22 trillion cubic meters. Aquatic products along the coast include tuna, sardine and sponge.
Oil is the main industry.
During the 18 years from 1961 to 1969, petroleum companies from US controlled the oil production. With the withdrawal of US oil companies during the past 10 years from 1986 till now, oil companies from other countries have come to the market in Libya. So far companies from a dozen of countries are exploring and developing oil in Libya. Such companies are from Italy, Britain, French, Spain, Norway, Australia, Germany, Romania, Bulgaria, Yugoslavia and South Korea. In two of the Basins, the oil production has been put into operation.