ALBAWABA - The UN Mission in Libya announced hosting talks in the capital Tripoli in an effort to resolve the ongoing Central Bank crisis, which led to a blockade of oil production in the African country, threatening to spark the worst energy crisis in years.
The conflict began last month when Western groups tried to boot out experienced governor Sadiq Al-Kabir and install a rival board in his place, prompting Eastern factions to halt all oil production.
UNSMIL stated in a statement that the talks ended with "significant" understanding and that both parties decided to move forward with a draft agreement for assessment to their respective chambers, with the intention of completing and signing the deal on Tuesday.
In a statement earlier last week, UNSMIL stressed the importance and urgency of resolving the ongoing crisis. "UNSMIL stresses that resolving this emerging crisis is an urgent necessity to create a conducive environment for an inclusive political process, under the auspices of the UN and with the support of the international community".
"This process will aim to put Libya back on the path to national elections - including through agreeing on a unified government - to end the eroded institutional legitimacy and divisions plaguing the country," the statement reads.
As worries about increased OPEC+ output from October faded and Libyan oil exports remained suspended, oil prices slightly increased on Monday, making up some of the losses from late last week.
The statement claimed that participants in the UNSMIL-hosted talks, which lasted from early in the morning until late at night, included representatives from the Presidential Council and the House of Representatives in Libya.
The proposal by the Presidency Council, located in Tripoli, to remove CBL governor Al-Kabir is opposed by eastern factions, including the Libyan National Army (LNA) under commander Khalifa Haftar and the House of Representatives (HoR) parliament led by speaker Aguila Saleh.
