Thursday, October 16, 2025
LibyaReview
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
LibyaReview
No Result
View All Result
Home Economy

Oil Prices to Fall as Libya Resumes Full Production

October 4, 2024
Oil Prices to Fall as Libya Resumes Full Production
Share on FacebookShare on Twitter

Libya’s oil production is expected to return to pre-shutdown levels within three to four days, according to industry sources cited by Bloomberg. The resumption follows the government’s decision to lift the force majeure on oil fields and ports.

The sources confirmed that production has resumed at the Sharara oil field, which was shut down in early August. This marks a key step in Libya’s efforts to restore its oil output.

Bloomberg reported that the return of Libyan oil to the market could further depress global crude prices, pushing them below $75 per barrel amid weak global demand.

The decision to resume production and exports came after an agreement between representatives from the House of Representatives and the High Council of State to appoint a new Central Bank Governor, Naji Essa, and a deputy, Maree Al-Barassi. This move followed the dismissal of the former governor, Sadiq Al-Kabir, amid a central bank crisis.

Before the shutdown, Libya was producing over 1.2 million barrels per day, but the closure of key oil fields caused production to drop to less than 450,000 barrels per day.

On Thursday, the Libyan Parliament-designate government, led by Prime Minister Osama Hammad, lifted the state of force majeure on all oil fields, ports, and facilities, allowing for the resumption of normal oil production and exports.

This decision comes as part of efforts to support recent developments by the House of Representatives and the High Council of State, which resulted in the appointment of a new governor for the Central Bank of Libya and his deputy.

Hammad explained that the force majeure was previously declared as a precautionary measure to safeguard against potential consequences following attempts to seize the Central Bank by unauthorized individuals.

Tags: libyaOil PricesOil Production
Next Post
120 Municipal Election Candidates in Libya Facing Criminal Charges

120 Municipal Election Candidates in Libya Facing Criminal Charges

POPULAR CATEGORIES

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

MUST READ

Libya’s Detention Centres Under Fire for Human Rights Violations

Italy’s Parliament Extends Controversial Libya Migration Deal

Libya’s Oil Revenue reaches $14.65 Billion in 9 Months

AFRICOM Announces Global-Scale Military Training Exercise in Libya

Libya’s Benghazi Celebrates Launch of Police Aviation Force

Libya Launches Vision to Redefine Benghazi’s Future

EDITOR PICKS

Libya’s Zintan Airport Back in Operation After Major Development Works

Italy’s Parliament Extends Controversial Libya Migration Deal

Libya’s Oil Revenue reaches $14.65 Billion in 9 Months

UNSMIL Supports Libya’s National Anti-Corruption Strategy

Libya’s Detention Centres Under Fire for Human Rights Violations

Libya’s Benghazi Celebrates Launch of Police Aviation Force

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR

No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR