Related Articles
Forward article link
Share PDF with colleagues

US producers call for the export ban to be lifted

Outdated rules stop US producers from exporting crude oil to most countries - exporters believe a change is overdue

As weak domestic oil prices squeeze their margins, the US’ producers are looking abroad – and hoping Congress at last lifts the four-decade-old ban on crude oil exports.US crude reserves in storage have risen 11.5% in the last year, if the US strategic petroleum reserve is included, while overall production is edging lower, reflecting the inability of the domestic market fully to absorb output generated by the recent shale boom. At present that extra oil cannot be exported as crude to most countries, thanks to legislation introduced in the 1970s at a time when the US was becoming increasingly reliant on imports to meet domestic oil demand and an Arab oil embargo was threatening supply. Expor

Also in this section
Short shrift for Gazprom’s portfolio investors
19 March 2018
The world’s largest gas producer is once more likely to ignore calls to increase dividends
Russian energy giants face contagion risk
19 March 2018
Constrained by sanctions, firms are tied to the fortunes of domestic banks
Sisi keeps a lid on
16 March 2018
Egyptians face another four years of authoritarian rule