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US ends oil export ban

by ChemOrbis Editorial Team -
  • 16/12/2015 (11:54)
According to media reports, the US Congress ended a 40-year ban on oil exports as part of a budget deal reached on Tuesday. The US had introduced restrictions on crude oil exports in 1975 in order support the price controls then in place as well as to alleviate the effects of the oil crisis between 1973 and 1974.

Following congress’ decision, the oil market is now trying to gauge the possible effects of lifting the US oil export ban on an already oversupplied oil market. According to some analysts, large volumes of US crude are unlikely to emerge immediately after the removal of the restrictions as the delta between WTI crude and Brent crude prices has narrowed to about $1.25/barrel, making domestic sales more attractive than export deals for US producers.
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