Libya Oil Exports Halted Amid Central Bank Political Standoff

Libyan oil exports have come to a standstill due to a political standoff over the central bank and oil revenues. Despite this halt, some tankers have been authorized to load crude from storage facilities. The oil tanker Kriti Samaria is scheduled to unload 600,000 barrels of crude at the Libyan port of Zueitina before heading to Italy. Another tanker, the Front Jaguar, was also seen loading crude oil from a storage facility in the port of Brega.

The political dispute centers around control of the central bank, which manages Libya’s oil revenues and government salaries. The crisis was triggered by an attempt to overthrow the bank’s head, leading to a cessation of all oil production in response. As a result, Libya’s oil production has dropped significantly, with current levels remaining unclear. In July, Libya, as an OPEC member, produced around 1.18 million barrels of crude oil per day.

Efforts are being made to resolve the dispute between the two legislative chambers regarding the central bank. However, until a resolution is reached, the country’s oil exports and production are likely to continue facing disruption. The situation underscores the significance of the central bank in managing Libya’s crucial oil revenues and maintaining stability in the oil industry.

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