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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.

What was the main export of Libya?
crude oil