Libya's U.N.-brokered presidency council has announced the reopening of the country's vital oil terminals.

The move comes after the council struck a deal with a militia commander who shut the terminals down in December 2014, causing a sharp decline in state revenue.

Moussa al-Kouni, deputy head of the council, declared the reopening of the terminals, speaking to reporters late on Thursday at the Ras Lanuf oil terminal in eastern Libya.

Ibrahim Jedran, the militia commander who led the closure of the terminals, stood next to him.

Al-Kouni said he spoke with "hope and optimism" that the step marks the "beginning for our country's recovery."

Libya's crude, known as light, sweet crude, is rare and especially valuable because it's easier for refineries to convert into diesel and gasoline.