Libya’s state oil company, the National Oil Corporation (NOC), announced on Thursday that it is resuming full oil production after a nearly two-month halt due to a political crisis in the country.
The NOC stated it will restart operations at its major oil fields, Sharara and El-Feel, as well as resume exports from Es Sider, Libya’s largest oil port. In August, the company had declared “force majeure,” a legal provision allowing it to suspend contracts under extraordinary circumstances.
Following a review of the force majeure situation, the NOC confirmed it can now restart crude oil production and export operations. The shutdown was previously attributed to the Fezzan Movement, a local protest group, amid ongoing disputes over the governance of the central bank, which handles Libya’s oil revenue distribution.
The United Nations had warned in August that the conflict could lead to greater instability in Libya. However, recent developments saw the parliament appointing a new governor for the central bank, helping to resolve the crisis.
Libya typically produces over 1.2 million barrels of oil each day, with the Sharara field being the largest, contributing around 300,000 barrels per day.
Since the NATO-backed uprising that led to the overthrow and death of Muammar Gaddafi in 2011, Libya has faced ongoing political turmoil. The nation remains divided between rival administrations in the east and west, each supported by various militias and foreign governments.
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