US Lifts 40-Year Ban On Oil Exports – 31 December 2014

RT logoThe US has decided to lift a ban on crude oil exports introduced in the 1970’s. The Obama administration is allowing several companies to start exporting raw materials beginning next August.

The US Commerce Department’s Bureau of Industry and Security (BIS) has authorized several energy companies to export so-called ultra-light oil, as stocks in the United States have increased following the development of shale deposits. Supplies can start as early as August, although initial volumes are likely be small.

Although the US Department of Commerce stressed “the policy on the export of raw materials hasn’t changed”, other market players are also likely to ask the authorities for licenses.

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