The handover of two terminals to the central government by the Political Bureau of Cyrenaica (PBC), whose armed groups have blockaded them since last July, is the most optimistic sign so far that an end to the crisis over Libyan oil exports is possible. However, while the two sides said they had reached agreement in principle on a referendum on a proposal for devolved power in Cyrenaica, the details of a political settlement have yet to be fixed. Assuming the deal to allow exports to restart from the Zuweitina and Marsa Al-Harigah terminals holds, exports will initially be quite high as crude storage tanks in both places are full.