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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
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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.

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Lebanon Calls for Negotiations Following US Strikes on Iran

Lebanese President Joseph Aoun
Lebanese President Joseph Aoun
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Lebanon Calls for Negotiations Following US Strikes on Iran

Lebanese President Joseph Aoun
Lebanese President Joseph Aoun

Following American strikes on Iran that fueled fears of a wider conflict, Lebanese President Joseph Aoun said on Sunday that the US bombing could lead to a regional conflict that no country could bear and called for negotiations.

“Lebanon, its leadership, parties, and people, are aware today, more than ever before, that it has paid a heavy price for the wars that erupted on its land and in the region,” Aoun said in a statement on X. “It is unwilling to pay more”, he added.

Iran and Israel traded air and missile strikes as the world braced on Monday for Tehran's response to the US attack on its nuclear sites and US President Donald Trump raised the idea of regime change in Iran. Iran vowed to defend itself on Sunday, a day after the US joined Israel in the biggest Western military action against the country since its 1979 Iranian Revolution, despite calls for restraint and a return to diplomacy from around the world.

Lebanon’s Hezbollah group has long been considered Iran’s first line of defense in case of a war with Israel. But since Israel launched its massive barrage against Iran, triggering the ongoing Israel-Iran war, the Lebanese group has stayed out of the fray — even after the US entered the conflict Sunday with strikes on Iranian nuclear sites.

Lebanese government officials have pressed the group to stay out of the conflict, saying that Lebanon cannot handle another damaging war, and US envoy Tom Barrack, who visited Lebanon last week, said it would be a “very bad decision” for Hezbollah to get involved.