Libya’s eastern-based parliament approved a new central bank governor, ending a standoff over control of the OPEC member’s vast energy revenue and setting the stage for a full resumption of oil output.

Libya’s eastern-based parliament agreed on Monday to approve the nomination of Naji Mohamed Issa Belqasem as governor of the central bank, in a move that could help end a crisis which has slashed the country's oil output.

Libyan factions agreed to appoint a new central bank governor, paving the way for a resolution to a row that’s slashed the OPEC nation’s oil output.Most Read from BloombergVanderbilt Leases Struggling NYC Seminary for Campus ExpansionNJ Transit,

A standoff over control of the bank had destabilized the country’s economy and raised the prospect of fresh fighting between Libya’s eastern and western factions.

Libya’s eastern parliament has agreed to appoint Naji Mohamed Issa Belqasem as the new central bank governor after the former governor, Sadiq al-Kabir, was fired last month by the presidential council in the capital,