Libya Central Bank Governor: Oil Blockade is ‘Bullet in the Head’

FILE PHOTO: Members of forces loyal to Haftar guard near Libya's El Sharara oilfield in Obari,Libya, February 6, 2019. REUTERS/Stringer
FILE PHOTO: Members of forces loyal to Haftar guard near Libya's El Sharara oilfield in Obari,Libya, February 6, 2019. REUTERS/Stringer
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Libya Central Bank Governor: Oil Blockade is ‘Bullet in the Head’

FILE PHOTO: Members of forces loyal to Haftar guard near Libya's El Sharara oilfield in Obari,Libya, February 6, 2019. REUTERS/Stringer
FILE PHOTO: Members of forces loyal to Haftar guard near Libya's El Sharara oilfield in Obari,Libya, February 6, 2019. REUTERS/Stringer

A blockade of major Libyan oil ports is damaging the economy and must be quickly resolved, the Tripoli-based central bank governor told Reuters on Friday.

"Now oil represents 93-95 percent of total revenue and covers 70 percent of total spending. This is a bullet in the head, that will hurt Libya and the Libyan people," Sadiq al-Kabir said in an interview in London. "We really hope the crisis is resolved as fast as possible because it hurts everyone."

The head of the Government of National Accord, Fayez al-Sarraj, has warned of catastrophe if the week-long blockade by the Libyan National Army of Khalifa Haftar, which has cut oil output to almost zero, is not lifted.

Previously, oil production was 1.2 million barrels a day.



Trump Says Gaza Ceasefire Possible this Week or Next

US President Donald Trump listens to opening remarks, on the day he hosts a lunch for African representatives of Gabon, Guinea-Bissau, Liberia, Mauritania, and Senegal in the State Dining Room at the White House in Washington, D.C., US, July 9, 2025. REUTERS/Kevin Lamarque
US President Donald Trump listens to opening remarks, on the day he hosts a lunch for African representatives of Gabon, Guinea-Bissau, Liberia, Mauritania, and Senegal in the State Dining Room at the White House in Washington, D.C., US, July 9, 2025. REUTERS/Kevin Lamarque
TT

Trump Says Gaza Ceasefire Possible this Week or Next

US President Donald Trump listens to opening remarks, on the day he hosts a lunch for African representatives of Gabon, Guinea-Bissau, Liberia, Mauritania, and Senegal in the State Dining Room at the White House in Washington, D.C., US, July 9, 2025. REUTERS/Kevin Lamarque
US President Donald Trump listens to opening remarks, on the day he hosts a lunch for African representatives of Gabon, Guinea-Bissau, Liberia, Mauritania, and Senegal in the State Dining Room at the White House in Washington, D.C., US, July 9, 2025. REUTERS/Kevin Lamarque

US President Donald Trump said there is a "very good chance" of a ceasefire in Gaza this week or next, after meeting Israel’s Prime Minister Benjamin Netanyahu on Tuesday for the second time in two days to discuss the situation.

"We have a chance this week or next week," Trump told reporters.

Israel's military chief said on Wednesday "conditions have been created" for the advancement of a hostage release deal in Gaza, as indirect negotiations were under way between Israel and Hamas.

"We have achieved many significant results, we have caused great damage to the governance and military capabilities of Hamas," armed forces chief Eyal Zamir said in a televised speech.

"Thanks to the operational power that we have demonstrated, the conditions have been created to advance a deal to release the hostages."

Netanyahu said on Wednesday that his meeting with Trump focused on freeing the hostages held in Gaza, and stressed his determination to "eliminate" the military and governmental capabilities of Hamas.