Libya’s resumed full oil production, boosting stability and economic prospects
Libya’s National Oil Corporation (NOC) announced Thursday that the country has resumed full oil production after nearly two months of halted operations. The restart includes production at the Sharara and El-Feel oil fields, along with exports from Es Sider, Libya’s largest port.
This move comes after the NOC declared “force majeure” in August, suspending operations due to extraordinary circumstances amid a political crisis. With the force majeure lifted, NOC confirmed it “can resume crude oil production and export operations to its customers.”
The shutdown, attributed to protests by the Fezzan Movement, had raised concerns about increased instability, especially as the country grappled with a political standoff over the governance of its central bank. However, a resolution was reached recently with the appointment of a new central bank governor, paving the way for the resumption of oil production.
Libya, which produces over 1.2 million barrels of oil per day, is expected to benefit significantly from the return to full operations, especially as Sharara, its largest field, accounts for up to 300,000 barrels daily. The return to full production marks a positive step toward stabilizing the nation’s economy, which has faced challenges since the 2011 NATO-backed uprising that ousted Muammar Gaddafi.
With these developments, Libya is positioned to regain economic momentum, benefiting from its rich oil resources while seeking to maintain political stability.
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