XinhuaTRIPOLI: 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. 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 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.

Source: Libya Today October 08, 2024 17:54 UTC