The U.S. announced yesterday that it supports the temporary freezing of Libya’s oil revenues until agreement on a revenue management mechanism is reached by conflicting political stakeholders. The U.S. Embassy statement released yesterday said ‘‘Restoring Libyan oil production is important for the Libyan people and for the global economy. The U.S. Embassy fully supports the temporary freezing of oil revenues in the National Oil Corporation (NOC) account at the Libyan Foreign Bank (LFB) until there is agreement on a revenue management mechanism. It is an admission and recognition by the U.S. that Libya’s oil revenues are not distributed fairly. It aligns itself with the eastern camp’s narrative that Tripoli is corrupt and usurps Libya’s oil revenues disproportionately at the expense of the rest of the country.

Source: Libya Today May 15, 2022 18:18 UTC