Al-Shuhumi: Oil Production Will Depend on the Political Framework Agreed by LNA and HOR – Al Marsad

The economist Suleiman Al-Shuhoumi said oil production and exporting depends largely on the consensus between the Libyan National Army (LNA) and the House of Representatives (HOR), then on the political form and entity they will use to manage state’s affairs in the coming period and how far the international community will accept it.

[Libya, 3 May 2020] – Economist Suleiman Al-Shuhoumi, in statements made to the London-based Asharq Al-Awsat newspaper on Sunday, said: “If the new entity that Haftar will form gains international acceptance, he can directly extract and export the oil. In this case, the proceeds will allow him to meet the economic and basic requirements of Libyans. In other words, he will harness the economy to serve the new political system, even if the oil prices remain bearish due to the coronavirus pandemic.”

Al-Shuhoumi noted the need for a political agreement that encompasses all Libyan parties. “Otherwise, it will be difficult for a single party to succeed alone in leading the economic process.” He argued that the inability of the Tripoli-based Government of National Accord (GNA) to achieve stability during the past years from the viewpoint of the international community did not allow it to release the frozen Libyan investments and funds.

Al-Shuhoumi pointed to the fact that all stakeholders now surely know that the Skhirat Political Agreement, which created the GNA, excluded several Libyan parties. “Such exclusion has perpetuated the political and military conflicts, hence the need for its review and amendment,” he added.

© Al Marsad English (2020)

 

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