With crude oil as the country's primary export, Gaddafi sought to improve Libya's oil sector. In October 1969, he proclaimed the current trade terms unfair, benefiting foreign corporations more than the Libyan state, and by threatening to reduce production, in December Jalloud successfully increased the price of Libyan oil. In 1970, other OPEC states followed suit, leading to a global increase in the price of crude oil. The RCC followed with the Tripoli Agreement, in which they secured income tax, back-payments and better pricing from the oil corporations; these measures brought Libya an estimated $1 billion in additional revenues in its first year. COUNT 6
QSN1 What was Libya's main export? ANS1 crude oil QSN2 How did Gaddafi's decisions in the oil industry impact other OPEC states? ANS2 In 1970, other OPEC states followed suit, leading to a global increase in the price of crude oil. QSN3 What was the main export of Libya? ANS3 crude oil QSN4 How much money did Libya accrue in a year as a result of the Tripoli Agreement? ANS4 $1 billion QSN5 What organization of oil producers was Libya a part of? ANS5 OPEC QSN6 Who was responsible for raising the price of Libyan oil in 1969? ANS6 Jalloud