BENGHAZI, Libya, May 3 (UPI) -- Oil revenue generated from sales from Libyan rebels will fund economic and other social services for the Libyan people, a transitional council stated.
The U.S. Office of Foreign Assets Control last week announced that transactions involving Qatar Petroleum or international oil trader Vitol and the rebel-backed National Transitional Council are permitted, provided the entity in Libya is under the control of the rebel-backed leadership.
The NTC announced it was committed to ensuring that oil revenues would be distributed in a way that best suits the Libyan people.
"Public funds will be made transparent and will be used for the betterment of the Libyan people and the development of the country," the NTC said in a statement.
The rebel leadership blamed Libyan leader Moammar Gadhafi for squandering the country's oil revenues.
"We also adhere to and support the principles of good governance, accountability and transparency as promoted by the International Monetary Fund," the statement said.
Oil prices hit post-recession highs in February when the unrest in Libya began. Italy and Qatar are among countries that have secured arrangements to acquire oil from rebel-controlled Arab Gulf Oil Co.
Libya was one of the top oil-producing countries in Africa before the international military intervention began in March.