Libya Halts Oil Exports Amid Central Bank Dispute

Libya's oil production has faced severe disruptions, with the eastern-based government halting operations at five major ports and the Sarir oil field ceasing almost all output, totaling around 209,000 barrels per day. This escalation is linked to a political standoff over the leadership of the Central Bank of Libya, a critical issue between the rival governments in the east and west of the country. The Benghazi-based Libyan National Army (LNA) announced a complete halt to oil production amid tensions over attempts to oust Central Bank Governor Sadiq al-Kabir. The ongoing crisis reflects a broader struggle for control of Libya's oil wealth, which has been a focal point of conflict since the 2011 uprising that ousted Muammar Gaddafi. Despite the shutdowns, global oil prices have fluctuated, indicating market concerns about supply amidst the political instability. Libya, which typically produces about 1.2 million barrels of oil daily, remains in a precarious situation as the two rival factions continue to vie for power and resources.