Libya to resume oil production after central bank power feud

Libya is set to resume oil production after resolving a political standoff over control of the central bank, which manages energy revenues.

The eastern government had halted production in August, reducing output to under 450,000 barrels per day from over 1.2 million.

An agreement to appoint Naji Issa as the new central bank governor has lifted the shutdown, allowing major oil fields like Sharara to resume operations.

This move is expected to lower crude prices, but political instability in Libya raises concerns about the longevity of this arrangement.