Libyan Rebels to Resume Oil Output 'Soon'

NEW YORK (TheStreet) -- Libyan rebel officials said on Thursday that they hoped to resume oil production of up to 100,000 barrels a day "soon."

The National Transitional Council, the rebel-formed entity which declared itself Libya's representative power on March 5, has received more than $500 million in aid in preparation for Moammar Ghadafi's departure.

"It is a failure if there is no clear financial commitment to it," Rebel Oil and Finance Minister Ali Tarhouni said about his hope to restart production. "So my message to our friends is that I hope they walk the walk."

Tarhouni committed no immediate time frame to resume production.

The International Criminal Court said on Wednesday that its investigations had found evidence that Ghadafi promoted a policy to use rape as a weapon by forcing soldiers to take Viagra-type drugs. The information could be enough to push the Libyan dictator from power.

Meanwhile, NATO forces have continued to pound Ghadafi's troops on the ground.

"Time is working against Ghadafi who has clearly lost all legitimacy and therefore needs to step down," NATO said in a statement on Thursday.

--Written by Joe Deaux in New York.



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