Omar Chatriwala
Dispute over the Central Bank, responsible for managing Libya's oil income, has caused a suspension in oil extraction in the eastern region, home to the majority of the country's reserves.
The eastern Libyan leadership has halted oil production, including export terminals and infrastructure, in their territory in response to the western authorities firing Central Bank chief Sadiq al-Kabir a week ago.
The UN mission in Libya stated that after discussions in Tripoli, the parties came to a "significant agreement" on resolving the Central Bank crisis and rebuilding trust in the institution for Libyan citizens and international partners.
The UN stated that they reached an agreement to prepare a document that could be completed and signed by Tuesday.
Oil production in Libya was at approximately 1 million barrels per day (bpd) before it was halted in the eastern part of the country on August 26. The production of the country was only around 450,000 bpd last week.
source: bloomberg.com
The eastern Libyan leadership has halted oil production, including export terminals and infrastructure, in their territory in response to the western authorities firing Central Bank chief Sadiq al-Kabir a week ago.
The UN mission in Libya stated that after discussions in Tripoli, the parties came to a "significant agreement" on resolving the Central Bank crisis and rebuilding trust in the institution for Libyan citizens and international partners.
The UN stated that they reached an agreement to prepare a document that could be completed and signed by Tuesday.
Oil production in Libya was at approximately 1 million barrels per day (bpd) before it was halted in the eastern part of the country on August 26. The production of the country was only around 450,000 bpd last week.
source: bloomberg.com