The crisis over control of the Central Bank of Libya threatens a new bout of instability in a major oil producer split between eastern and western factions that have drawn backing from Turkey and Russia
Libya’s oil blockade widened on Wednesday with eastern leaders demanding western authorities back down over the replacement of the central bank governor, a key position in a state where control over oil revenue is the biggest prize for all factions.
Eastern factions have vowed to keep Libya’s oil output shuttered until the internationally recognized Presidency Council and Government of National Unity in Tripoli, in the west, return veteran central bank governor Sadiq al-Kabir to his post. Libya has had little peace since the 2011 NATO-backed uprising that ousted Muammar Gaddafi, and the east-west split dates to 2014. Despite four years of comparative peace since a 2020 ceasefire, the rival factions remain mired in a standoff.
Force majeure had already been announced earlier this month on exports at the 300,000 bpd Sharara oilfield. Despite the scale and length of the blockade, “I’m not sure it’s enough to break through this over-powering macro bearish sentiment that continues to shape the market,” Rapidan’s Geopolitical Risk Service Director Fernando Ferreira told Reuters.
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