Light sweet Libyan crude is starting to trickle through after an eight-month hiatus as rival groups agreed a tentative truce. The prospect of over 1 million b/d hitting the market in the coming months coincides with an uncertain demand outlook amid a second-wave of coronavirus infections.
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Libya's crude output is poised to rise to over 500,000 b/d in the next few weeks following the restart of the 300,000 b/d Sharara field. But the return is likely to be gradual and prone to delays due to the shakiness of the peace deal and presence of armed groups at key oil infrastructure.