The oil sector, pillar of the Libyan economy, is currently going through a period of uncertainty due to political tensions. A crisis of leadership Central banka key institution for the management of oil revenues, contributed to a fall in production to less than 500,000 barrels per dayagainst 1,2 million previously. This blockage could, however, end in the coming weeks, following a major decision by the Libyan authorities.
On Thursday September 26, the authorities decided to introduce a new Board of Directors at the Central Banka crucial development to unblock the situation. The consensual appointment of Naji Mohamed Issa Belqasem as acting governor marks a turning point in the crisis. This measure aims to restore stability and revive activities in the hydrocarbon sector, which is strategic for the country.
Libya, whose economy relies 97% on oil exports, aims to once again achieve production of 2 million barrels per day. This expected restart could have a significant impact on the national economy. There African Development Bank (AfDB) also forecasts growth of 6.2% for 2025 if these efforts are successful.
The role of oil in the Libyan economy is undeniable, representing more than 90% of tax revenues and 68% of GDP. Therefore, political and institutional stability is crucial to guarantee the continuity of oil activities and attract foreign investors.
The coming weeks will therefore be decisive for the economic future of the country and the revival of this vital sector. Ultimately, the revival of the Libyan oil sector could not only breathe new life into the national economy, but also strengthen the country’s position on the global energy scene, provided that political stability is lasting.
