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National production and export operations were stopped in August when the parallel government in eastern Libya declared the closure of oil facilities in a protest of the ousting of veteran Central Bank of Libya (CBL) governor Sadiq Kabir by the Presidential Council in Tripoli.
Libya was preparing to restart oil production that has been shut since late August after an agreement on a new head of the central bank was reached. The state oil firms are now waiting for orders from the Corporation (the state oil firm) to resume production at its normal levels after a month-long stoppage.
National production and export operations were stopped in August when the parallel government in eastern Libya declared the closure of oil facilities in a protest of the ousting of veteran Central Bank of Libya (CBL) governor Sadiq Kabir by the Presidential Council in Tripoli.
A new CBL governor, Naji Mohamed Issa Belgasem, and his deputy, Mari Muftah Rahil Barrasi were approved on Monday by the two legislative bodies; the House of Representatives in Benghazi and the High State Council in Tripoli.
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Nearly all of Libya’s oilfields are in the east, which is under the control of military commander Khalifa Haftar, who leads the Libyan National Army. The oil production had dropped by more than half of typical levels. It has not made public any new production figures since then.
