S&P Global Platts reported that Libya exported some crude and condensate from its storage caverns at the Zawiya terminal this week, a first from this port in almost four months.

But with the civil conflict still brewing in the volatile North African oil producing powerhouse, a full or sustained return of Libyan oil is unlikely.

“When these barrels do come back, they will face a crowded sweet market place along with an oil market still reeling from a huge demand loss brought upon by the Coronavirus pandemic,” the source added.