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on monday (september 30) local time, libya's eastern parliament approved the candidate for the new central bank governor, ending the deadlock over the control of this opec member's huge energy revenue, which means that the country is about to fully resume oil production and exports.

libya's eastern parliament unanimously supported the appointment of naji issa as head of the central bank at a live televised meeting that day, and the central bank will appoint new committee members within 10 days.

people familiar with the matter claimed that the oil industry is expected to receive orders to resume production soon, which is widely expected to restart on tuesday after parliament approved a new central bank governor.

the political crisis began in august, when libya's western government fired veteran central bank governor sadiq kabir and the eastern government responded by ordering an oil production shutdown. production has been halted at several of the country's oil fields after political factions locked in a power struggle for control of the central bank and oil revenues.

the sharp decline in oil exports after the cessation of oil exports has had a catastrophic impact on the libyan economy, which relies heavily on energy revenue to buy essential goods such as wheat, sugar and fuel.

libya, a major oil producer in the mediterranean region, has been politically unstable since anti-gaddafi protests broke out in 2011. the country split into warring eastern and western factions in 2014, and energy resources have been a key battleground for factions vying for political advantage.

it is reported that libya usually produces about 1.2 million barrels of crude oil per day, but at the end of august, this number dropped to less than 450,000 barrels, and the country has not released any new production data since then.

on september 26, libya signed an agreement under the mediation of the united nations, making issa, the former head of the central bank’s issuance department, as its governor.

stephanie curry, the united nations deputy special representative for libya, said that the agreement stipulates that the national congress will appoint a new central bank governor and deputy governor within one week of the signing of the agreement, and appoint the central bank within two weeks of the appointment of the new governor. committee.

curry claimed that the signing of the agreement marked a new beginning. on this basis, all parties in libya should resolve other outstanding issues through inclusive dialogue and participation in cooperation, paving the way for the unification of its institutions and the restoration of legitimacy. curry stressed that oil field production should be reopened and oil exports should be resumed as soon as possible.

but like before, the agreement reached on september 26 was built on shaky foundations. a un-backed 2020 ceasefire successfully ended the fighting, but the country has yet to achieve national elections and divisions between east and west have not been resolved.