The Roundup -

Crude Oil Sold As Export After Ban Is Lifted


After a 40-year ban, Congress lifted the ban on exporting crude oil just this last December. Hess Corp on Friday, April 22nd, 2016 confirmed it sold Bakken crude oil for export out of the U.S. Gulf Coast to Europe.

Loaded at St. James, Louisiana in early April, Hess sold 175,000 barrels of Bakken crude oil which is being shipped to a refinery in Europe; spokesman John Roper stated in an email.

Hess Corp did not disclose the buyer or the name of the vessel transporting the Bakken crude oil.

Thursday, April 21st, 2016, Exxon Mobil Corp also confirmed it was shipping crude oil out to an Exxon refinery in Rotterdam, Netherlands. This export included 18,000 barrels of offshore oil produced from their Julia field off the Gulf of Mexico.

Both exports, while small in size, are the first of their nature in the quickly developing U.S. crude export market since the lifted ban.

Up until now, all other shipments of U.S. crude oil have been comprised of light onshore oil; Reuters states.


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