Libya to resume oil production and exports following central bank agreement

Libya’s closed oil fields are set to reopen today, Monday, with production and exports resuming immediately, according to Abdul Hadi Al-Sagheer, the House of Representatives’ representative in the Central Bank negotiations.

This follows the anticipated approval of the Central Bank agreement by a majority of the House of Representatives in Benghazi in its scheduled session, and the assumption of duties by the Governor of the Central Bank and his deputy.

Al-Sagheer told “Erem News Business” that the agreement consists of 7 articles, which will be approved and ratified by a majority of the House of Representatives.

He echoed the sentiments of Stephanie Khoury, head of the United Nations mission in Libya, on the urgent need to end the closure of oil fields and resume production and export.

He also emphasised the importance of channeling revenues from this vital resource through appropriate institutional frameworks to the Central Bank of Libya, and agreeing on a unified budget that ensures the fair and transparent distribution of Libya’s wealth, particularly oil, for the benefit of all Libyan citizens.