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EU Delegation "Gravely Concerned" About Situation In Libya

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Wires carrying comments from the EU delegation in Libya on the ongoing dispute amongst rival political factions and the central bank that has disrupted oil production at multiple oilfields in eastern Libya.

  • The EU delegation said it is, “gravely concerned about the deterioration of the situation in Libya... Intimidation of High Council of State members and central bank employees, the closure of oil fields, and disruptions in banking services are exacerbating an already fragile situation.”
  • Reuters notes: “Consulting firm Rapidan Energy Group has estimated production losses could reach between 900,000 and 1 million bpd and last for several weeks.”
  • FT reported overnight: “The head of the Libyan central bank [Sadiq al-Kabir] who controls billions of dollars in oil revenue said he and other senior bank staff had been forced to flee the country to “protect our lives” from potential attacks by armed militia.”
  • As the central bank in Tripoli is authorised to control and disburse the oil revenues, per UN Security Council resolutions, there are concerns replacing Kabir with someone more closely tied with factional political interests could exacerbate the crisis.
  • Hasnain Malik at Tellimer told The National: "Without a significant and quick breakthrough in negotiations that offers a telling precedent for how long this disruption might last [the situation remains uncertain]."
  • Giovanni Staunovo at UBS: “How long Libyan disruptions last is very difficult to assess, we have seen them lasting few days to several months. My sense is it will last for a bit longer than the latest ones,” referring to similar disruptions in 2020 and 2022.
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Wires carrying comments from the EU delegation in Libya on the ongoing dispute amongst rival political factions and the central bank that has disrupted oil production at multiple oilfields in eastern Libya.

  • The EU delegation said it is, “gravely concerned about the deterioration of the situation in Libya... Intimidation of High Council of State members and central bank employees, the closure of oil fields, and disruptions in banking services are exacerbating an already fragile situation.”
  • Reuters notes: “Consulting firm Rapidan Energy Group has estimated production losses could reach between 900,000 and 1 million bpd and last for several weeks.”
  • FT reported overnight: “The head of the Libyan central bank [Sadiq al-Kabir] who controls billions of dollars in oil revenue said he and other senior bank staff had been forced to flee the country to “protect our lives” from potential attacks by armed militia.”
  • As the central bank in Tripoli is authorised to control and disburse the oil revenues, per UN Security Council resolutions, there are concerns replacing Kabir with someone more closely tied with factional political interests could exacerbate the crisis.
  • Hasnain Malik at Tellimer told The National: "Without a significant and quick breakthrough in negotiations that offers a telling precedent for how long this disruption might last [the situation remains uncertain]."
  • Giovanni Staunovo at UBS: “How long Libyan disruptions last is very difficult to assess, we have seen them lasting few days to several months. My sense is it will last for a bit longer than the latest ones,” referring to similar disruptions in 2020 and 2022.