Libya's oil industry, the lifeblood of its economy, has fallen hostage once more to a political schism, as the re-emergence of parallel administrations has forced many hydrocarbon facilities to close. That episode resulted in around $10 billion of losses for Libya's oil industry. - 'Spark' -The "spark" that set off Libya's latest oil crisis was an April 13 "agreement concluded between the NOC and Dbeibah's government", Harchaoui said. That agreement involved the transfer of "$8 billion" of oil revenues to the Tripoli government's coffers, he explained. The Brega oil port in Libya / © AFP/FileHarchaoui noted that "this exchange of courtesies was seen as having strengthened Dbeibah's financial viability".

Source: Libya Today April 21, 2022 22:15 UTC