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Bloomberg reported today that energy analysts see the United States crude oil export ban weakening as exceptions are allowed by government rulings.
Bloomberg reported today that energy analysts see the United States crude oil export ban weakening as exceptions are allowed by government rulings.
As quoted in the publication:
The Commerce Department’s permission for Enterprise Products Partners LP (EPD)and Pioneer Natural Resources Co. (PXD) to ship abroad ultra-light oil known as condensate foreshadows a chain of incremental actions that will chip away at the restriction until it’s obsolete. As much as 1.2 million barrels a day may be freed for export on the recent rulings alone.
Chief oil analyst at London research firm Energy Aspects Ltd., Amrita Sen, said:
They’re going to try and get around the export ban in a lot of ways, case by case, without lifting it. There are a lot of things they can do to alleviate this light crude overhang.