Libya’s oil monopoly broken by private firm

A little-known firm linked to eastern Libyan forces has broken the National Oil Corporation’s decades-long monopoly on oil exports, selling at least $600 million worth of crude in 2024.

According to Al Monitor on 17 February, Arkenu Oil Company, reportedly tied eastern Libyan leader Khalifa Haftar, exported oil to buyers including ExxonMobil and China’s Sinopec.

The move signals the growing influence of the Libyan National Army over the country’s oil sector, deepening divisions in Libya’s ongoing power struggle.

Al Monitor