Libya is set to resume oil production and exports on Monday, following the approval of a key agreement by the Libyan House of Representatives. Abdulhadi Al-Saghir, the House’s representative in negotiations over the Central Bank, confirmed that once the agreement is ratified, oil fields will reopen and production will resume immediately. This marks the end of a period of shutdowns that had disrupted Libya’s vital oil sector.
In an interview with “Erem News Business”, Al-Saghir revealed that the agreement consists of seven provisions, all of which are expected to be endorsed by the House with a majority vote in its session in Benghazi. Once the Central Bank governor and his deputy are installed and begin their duties without any obstacles, Libya’s oil production and exports will proceed as planned.
Al-Saghir’s comments align with those of Stephanie Khoury, the head of the United Nations Mission in Libya. Both emphasised the urgent need to lift the closures of oil fields, which have significantly hindered the country’s oil production and exports. They stressed the importance of channelling oil revenues through the appropriate institutional frameworks, specifically the Central Bank of Libya.
Furthermore, Khoury highlighted the need for a unified budget, ensuring the fair and transparent distribution of Libya’s wealth, especially from oil revenues. This approach is seen as essential to benefiting all Libyan citizens and future generations.
The reopening of oil fields is expected to boost Libya’s economy and bring much-needed stability to its financial system, especially after the prolonged political divisions that have plagued the country.
