{"id":1493715,"date":"2024-10-03T15:25:00","date_gmt":"2024-10-03T19:25:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1493715"},"modified":"2024-10-03T15:25:00","modified_gmt":"2024-10-03T19:25:00","slug":"libyas-oil-production-restarts-as-political-standoff-ends","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/libyas-oil-production-restarts-as-political-standoff-ends\/1493715\/","title":{"rendered":"Libya’s Oil Production Restarts As Political Standoff Ends"},"content":{"rendered":"

Libya’s Oil Production Restarts As Political Standoff Ends<\/span><\/p>\n

\n

By Charles Kennedy of OilPrice.com<\/a><\/em><\/p>\n

Libya’s oil production has resumed after a political agreement was reached between the two rival factions.<\/em><\/p>\n

The shutdown was caused by a dispute over the leadership of the Central Bank.<\/em><\/p>\n

The resumption of production is expected to boost Libya’s economy and stabilize global oil markets.<\/em><\/p>\n

Libya\u2019s oil production is resuming on Thursday, the country\u2019s Oil Minister Khalifa Abdul Sadiq told Bloomberg<\/a> in an interview today, after more than a month of suspended output due to a political standoff between the eastern and western administrations in the North African OPEC producer.<\/p>\n

<\/a><\/p>\n

The end of this Libyan crisis will lead to the return of a few hundred thousand barrels of crude per day to the market, which is currently fearing a supply shock<\/a> from the Middle East on the brink of an all-out war.<\/p>\n

Crude production at most Libyan oilfields\u00a0has been suspended<\/a>\u00a0for over a month after the country\u2019s eastern and western administrations clashed over who should be governor of the Central Bank of Libya.<\/p>\n

At the end of last week, the rival factions\u00a0reached an agreement<\/a>\u00a0in UN-mediated talks over the election of the Central Bank\u2019s leadership, paving the way to restoring oil production and exports.<\/p>\n

These have plummeted in the past month.<\/p>\n

Stephanie Koury, the acting head of the United Nations Support Mission in Libya (UNSMIL),\u00a0said\u00a0last week, commenting on the agreement,<\/p>\n

\u201cI also want to emphasize the urgent need to end the closure of oil fields and disruption of oil production and export. I appreciate the commitment made by the authorities in the East to lift the closure.\u201d<\/p>\n

Libya, which pumped about 1.2 million bpd of oil before the halt, was plunged into a\u00a0deeper political crisis<\/a>\u00a0over the row about the leadership of the Central Bank of Libya, the only internationally recognized depository of Libya\u2019s oil revenues.<\/p>\n

The internationally recognized government in the capital city in the west, Tripoli, was trying to replace Sadiq Al-Kabir, the governor of the Central Bank of Libya. This has led to the latest controversy between the Eastern and Western governments and political factions,\u00a0threatening again<\/a>\u00a0to reduce Libya\u2019s oil production and exports.<\/p>\n

Last week, estimates showed that crude oil exports from Libya\u00a0crumbled to around 400,000 bpd<\/a>\u00a0in September from 1 million bpd in August.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nThu, 10\/03\/2024 – 11:25<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/commodities\/libyas-oil-production-restarts-political-standoff-ends<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Libya’s Oil Production Restarts As Political Standoff Ends By Charles Kennedy of OilPrice.com Libya’s oil production has resumed after a political agreement was reached between…<\/p>\n","protected":false},"author":0,"featured_media":1493716,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1493715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-6gAb","jetpack_featured_media_url":"https:\/\/bugaluu.com\/news\/wp-content\/uploads\/sites\/3\/2024\/10\/2024-10-03_06-47-15-EQoafN.gif","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1493715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1493715"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1493715\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1493716"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1493715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1493715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1493715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}