Home News Finance Libya’s Rival Factions Agree to End Central Bank Dispute, Oil Production to Resume
FinanceNews

Libya’s Rival Factions Agree to End Central Bank Dispute, Oil Production to Resume

518

Libya’s rival factions have agreed to resolve a long-standing dispute over the leadership of the Central Bank of Libya (CBL). This move could restore the country’s oil production and exports.

Representatives from the eastern-based House of Representatives (HoR) and the western High State Council (HSC) signed the agreement in talks facilitated by the United Nations on Thursday. The deal appoints Naji Mohamed Issa Belqasem, the CBL’s Director of Banking and Monetary Control, as interim governor.

Mari Muftah Rahil Barrasi, the current deputy governor since 2023, will continue in his role. Both nominees are expected to receive approval within a week. The interim governor will then form a board of directors within two weeks.

The crisis had intensified last month when the Tripoli-based Presidential Council head, Mohammed al-Menfi, attempted to replace the long-serving central bank governor Sadiq al-Kabir. In response, eastern factions halted oil production, slashing output from over 1 million barrels per day (bpd) to around 450,000 bpd.

The National Oil Corporation reported that crude exports dropped to about 400,000 bpd in September from over 1 million bpd in August. The legislative body stated that the recent agreement would help to end Libya’s oil blockade.

Read More:

About The Author

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

News

Lavish Living, Crushing Taxes: Inside Tinubu’s Nigeria Where The Powerful Flaunt Wealth As Citizens Sink Deeper Into Poverty

As President Bola Tinubu’s regime pushes its new tax reforms that would...

Nobel Peace Prize
NewsOpinion

The Nobel Peace Prize: A Weapon of Western Hegemony

From Dynamite to Diplomacy, the Birth of a Paradox Alfred Nobel, the...

NewsWorld

Mali Imposes $10,000 Bond on U.S. Visitors as Burkina Faso Rejects Deportee Deal

The Malian government has announced that American citizens will now be required...

NewsWorld

Burkina Faso Rejects U.S. Request to Receive Deported Migrants

Burkina Faso has rejected a request from the United States to receive...