Libya Resumes Oil Production at Key Fields

Libya's Sarir, Messla, and Nafoura oilfields have been instructed to resume production following a standoff between rival political factions that previously halted most of the country's oil output. The Arabian Gulf Oil Company has started a limited production of up to 120,000 barrels per day, primarily to meet domestic energy needs, while exports remain suspended. The political crisis escalated when the western government replaced the central bank governor, prompting the eastern factions to shut down oil production, which previously accounted for about 1 million barrels daily. The recent closures have led to a significant drop in Libya's oil output, losing approximately 63% of total production. This situation underscores the ongoing tensions over control of Libya's oil revenues, a critical issue for the nation's economy. The full resumption of the oilfields could potentially restore around 300,000 barrels per day to the market.