Arkenu Oil Company exports $600 million crude, challenges Libya's National Oil Corporation

A Libyan company named Arkenu Oil, linked to military commander Khalifa Haftar, has exported oil worth at least $600 million since May 2024, marking a significant shift in Libya's oil sector by ending the National Oil Corporation's monopoly on exports. This development indicates that some of the country's oil revenue is being redirected away from the Central Bank of Libya. Established in 2023, Arkenu is the first private oil firm in Libya, with operations based in Benghazi, a city controlled by Haftar's forces. The ongoing factional disputes in Libya, exacerbated since the fall of Gaddafi in 2011, have led to Haftar's forces controlling most oil fields and periodically halting production to ensure revenue flows eastward. A U.N. report suggests that Arkenu may be indirectly controlled by Saddam Haftar, indicating the growing influence of armed factions over Libya's oil industry. The situation raises concerns about the implications for Libya's political stability and economic future.