The U.S. Is Exporting Its Oil Everywhere
March 17, 2016
Three months since the U.S. lifted a 40-year ban on oil exports, American crude is flowing to virtually every corner of the market and reshaping the world's energy map.
Overseas sales, which started on Dec. 31 with a small cargo aboard the Theo T tanker, have been picking up speed. Oil companies including Exxon Mobil Corp and China Petroleum and Chemical Corp have joined independent traders such as Vitol Group and Trafigura Pte in exporting American crude.
The "growing volumes of exports" from the U.S. are now "spooking the markets," Amrita Sen, chief oil analyst at consultants Energy Aspects Ltd. in London, said in a note. The "flurry of export activity" is helping to support spot oil prices in the U.S. relative to contracts for later delivery, she wrote.
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