https://apnews.com/article/business-middle-east-africa-libya-north-dde2d521b6f0465c08b34be9918cab0d
Libya’s national oil company said on Sunday, it was forced to shut down an oil field amid a political impasse that threatened to drag the North African nation back into armed conflict. The state-run National Oil Corp. stated a group of people entered al-Feel field in the country’s south on Saturday, effectively stopping production. It didn’t specify who the people were or whether they were armed, but tribal leaders in the southern region announced Saturday the closure of the field in a video statement and demanded the sacking of Mustafa Sanallah, chairman of the National Oil Corp. They also demanded what they described as the fair distribution of oil revenues to Libya’s three main regions. There was no immediate comment from Dbeibah’s government. Sunday’s closure comes as the Russian invasion of Ukraine has rattled markets worldwide, causing crude oil prices to soar above $106 per barrel.
The country’s production was previously at around 1.2 billion barrels a day. The oil-rich North African country has been wrecked by conflict since the NATO-backed uprising toppled and killed longtime dictator Moammar Gadhafi in 2011. The country has for years been split between rival administrations in the east and west, each supported by different militias and foreign governments. Libya’s prized light crude has long featured in the North African country’s civil war, with rival militias and foreign powers. Divisions between Libyans run deep, and divisions in international policy towards Libya are entrenched
The oil and gas sector is considered as the primary source of revenue for Libya. Therefore, the oil and gas industry helps to enhance the development of the economy in the country. This sector also contributes to the provision of better health services and modern education to the peoples of Libya. The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa.