Libya’s Oilfield Shutdowns Intensify Amid Political Turmoil

Libya's oilfield shutdowns expanded on Wednesday, nearly halting output at the Sarir field due to a political conflict over control of the central bank and oil revenues. The eastern authorities had already announced a halt to all production and exports. The shutdowns follow the sacking of the Central Bank chief, escalating tensions.

Libya's oilfield closures intensified on Wednesday as production at the Sarir field nearly came to a complete halt, according to two field engineers. The shutdowns are part of a broader political dispute over control of the central bank and oil revenues.

Authorities in eastern Libya, home to most of the country's oilfields, declared on Monday that all production and exports would cease. This latest development follows disruptions at major oilfields such as Sharara, El Feel, Amal, Nafoora, and Abu Attifel.

In July, Libya was producing about 1.18 million barrels of oil per day. The eastern authorities' decision to cut off Libya's main revenue source is in response to the Tripoli-based Presidency Council's dismissal of Central Bank of Libya (CBL) chief Sadiq al-Kabir. This political upheaval has mobilized rival armed factions.

(With inputs from agencies.)