Libya's Oil Production Rebounds As Political Accord Eases Crisis
Date
10/8/2024 3:01:24 PM
(MENAFN- The Peninsula)
Xinhua
TRIPOLI: Libya's oil production has rebounded sharply, reaching 1.13 million barrels per day on Tuesday, just days after the country's eastern-based government lifted a blockade on oil fields and ports, the state-owned National Oil Corporation (NOC) reported.
The revival follows a Political agreement brokered by the United Nations to resolve a dispute over control of the country's central bank, highlighting the intricate LINK between Libya's oil sector and its fractious politics.
"We expect to return to pre-closure production levels within days," the NOC said in a statement, crediting the recovery to "guidance from our leadership and the tireless efforts of our employees and partner companies."
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The reopening of oil facilities came after representatives from Libya's rival power centers -- the Tripoli-based High Council of State and the eastern House of Representatives -- reached an accord on Sept. 26 to appoint new management at the central bank.
This agreement, facilitated by the UN support mission in Libya, aimed to end a standoff that had led to the closure of oil fields and ports in August.
Libya's oil industry, the backbone of its economy, has frequently been caught in the crossfire of political disputes since the fall of former leader Muammar Gaddafi in 2011.
The country remains divided between two administrations one in the east, backed by the House of Representatives, and another in Tripoli, supported by the internationally-recognized Presidential Council.
The latest crisis erupted when the Tripoli-based Presidential Council attempted to replace the central bank governor, a move the eastern government rejected as overstepping its authority.
In response, the eastern administration shut down oil production, describing it as "a precautionary measure" against unauthorized control of the bank.
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