Economy

Release of Former Libyan Minister After Oil Field Closures

Release of Former Libyan Minister After Oil Field Closures

The head of the Supreme Council of the Al-Zwaya Tribes, Senousi Al-Hleiq, announced on Saturday evening that former Finance Minister Faraj Boumtari, a member of this tribe, has been released. His arrest triggered a crisis that led to the closure of oil fields in Libya. According to Libyan media reports, Al-Hleiq stated that Boumtari's release was made at the request of the Attorney General.

Libyan Oil Minister Mohamed Aoun reported that the ongoing closure of several oil fields in the country has resulted in a loss of 340,000 barrels. Oil engineers from the Sharara field told Reuters that production at the site has started to gradually resume, producing 30,000 barrels out of a potential 290,000. Production was halted in the Al-Fil, Sharara, and 108 fields on Thursday in protest by the Al-Zwaya Tribe over the kidnapping of Faraj Boumtari, the former finance minister. Prior to the closures, Libya was producing approximately 1.2 million barrels per day. The Sharara field is one of the largest oil-producing fields in Libya, with a capacity of 300,000 barrels per day, and has always been a target for protesters amid political disputes.

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