Libya's New Central Bank Leadership and its Impact on Oil Production

Libya's eastern parliament approved a new central bank board after appointing Naji Issa as governor. This led to the reopening of oilfields and lifting of force majeure by NOC. Libya's oil output, previously disrupted due to political divides, has once again begun steady production.

In a significant development for Libya, the presidency of the country's eastern-based parliament has sanctioned the appointment of a new board of directors for the central bank. This decision comes on the heels of the appointment of Naji Issa as the new governor last month, a move supported by both the House of Representatives and the High State Council.

The transition from former governor Sadiq al-Kabir, ousted by Tripoli's Presidential Council head Mohamed Menfi, marked a pivotal moment for Libya. The resulting political turbulence had a tangible impact on the country's oil sector, as the eastern parallel administration had halted production in protest on August 26.

With Issa's approval effectively uniting the legislative bodies, the parallel administration reopened oilfields, allowing the National Oil Corporation to lift force majeure and ramp up production. As of October 3, oil output surged to 1,327,646 barrels daily, a crucial recovery for the nation divided since the 2011 uprising.

(With inputs from agencies.)