Libya’s Oil Production Drops by Half Amid Power Struggle Over Control of Central Bank

Libya’s oil production has dropped by 700,000 barrels daily, cutting output by half.  Less than 600,000 barrels are now being produced daily. This decline is due to a shutdown of crucial oil fields by the eastern Libyan government amid a growing political conflict over control of the Central Bank of Libya.

Exports from significant ports like Es Sidra, Brega, and Zueitina have been halted, and fields such as Sharara and El Feel have been shut down. Production at Waha Oil Company has also fallen sharply, from 280,000 barrels per day to 150,000 barrels.

The eastern government, which controls most of the country’s oil fields, has vowed to halt production until the current central bank governor is reinstated. This move has caused losses of over $120 million and raised concerns about further instability in Libya’s oil industry. Experts warn that the disruption could last weeks and impact global oil prices.

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