News24

US eases restrictions on Libyan oil

2011-04-27 11:06

Washington - The Obama administration has eased its sanctions against Libya to allow for the sale of oil controlled by the rebels.

The move will allow Libya's opposition forces to use the income from oil sales to buy weapons and other supplies.

The US Treasury Department's Office of Foreign Assets Control issued the order on Tuesday.

It will allow US companies to engage in transactions involving oil, natural gas and other petroleum products if the petroleum exports will benefit the opposition Transitional National Council of Libya.

The new order modified sanctions the administration had imposed in February freezing $34bn in assets held by Libyan leader Muammar Gaddafi, his family members and top government officials.

The original order had imposed sanctions on Libya's oil companies.