US bows to pressure to allow oil exports

The US government has finally taken a few steps toward easing a 40-year-old ban on exports of most domestic crude, according to Reuters. These steps seem to be in the direction of allowing ultra-light shale oil to be marketed globally.

Reuters reported that the US Bureau of Industry and Security, which regulates export controls, has now more clearly clarified what kind of oil is allowed for export under the current ban. It will also now allow some companies that had requested clarifications on permissible exports to sell lightly treated condensate abroad.

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