Libya’s oil production has bounced back to pre-crisis levels following a central bank dispute that led to the suspension of operations at the country’s oilfields. The National Oil Corporation (NOC) reported that oil output reached 1.217 million barrels per day after competing governments in Libya resolved tensions.
Efforts by workers at various oilfields contributed to the increase in production after the lifting of extraction and export restrictions, according to the NOC. This positive development came after a dispute over the central bank’s leadership was resolved, leading to the reopening of all oilfields and export terminals.
The conflict arose in August when the Tripoli-based administration fired the Central Bank of Libya (CBL) Governor without the approval of the rival Benghazi government. The resulting blockade on oil activities significantly impacted Libya’s oil production, which had previously reached 1.3 million barrels per day.
Following negotiations facilitated by the UN Support Mission in Libya, a new leadership for the central bank was jointly appointed by the warring factions last month. The divided country, split between eastern and western administrations, continues to navigate challenges as it prepares for elections under the interim Government of National Unity.