Libya Resumes Oil Production Post-Central Bank Agreement

Libya is set to resume oil production following an agreement on a new central bank head. The shutdown since August had been initiated by the eastern government. Technicians used this downtime for maintenance. A new governor, Naji Mohamed Issa Belgasem, and deputy took oaths, ending a month-long stagnation.

Libya is poised to restart oil production following a pivotal agreement on the appointment of a new Central Bank governor, industry engineers informed Reuters on Tuesday.

National output had been on hold since late August following a protest by the eastern government over the removal of the previous governor, Sadiq Kabir. During the shutdown, maintenance operations were carried out at various oilfields.

The new central bank head, Naji Mohamed Issa Belgasem, along with his deputy Mari Muftah Rahil Barrasi, were approved by both the House of Representatives in Benghazi and the High State Council in Tripoli. This marks a significant step towards stabilizing Libya's oil industry, which has been plagued by disruptions since 2014.

(With inputs from agencies.)