Congressional leaders have agreed to lift the ban on oil exports from the U.S.


Moscow. December 16. Leaders of the U.S. Congress reached a compromise on a bill that will allow continued financing of the U.S. government, as well as remove the ban on oil exports, reports Bloomberg.

Current funding for the government ends on Thursday, so Congress must first solve the issue of short-term funding, and then to make complex decisions on expenditure for 2016, including a number of changes in the tax area and the lifting of the ban on oil exports.

Republicans control both houses of Congress, but cannot take this comprehensive bill in both houses without the support of Democrats. Consent to the lifting of the ban on oil exports is a concession from Democrats in exchange for their proposed measures in other areas.

In turn, the Democrats expect to retain appropriations for energy investments and measures to combat climate change, writes The Wall Street Journal. The Republicans also managed to save a number of tax incentives for business.

The speaker of the house of representatives Paul Ryan said that the House of representatives will vote on a comprehensive bill on the national budget on Thursday and will pass this legislation in the Senate.

The largest us energy companies have long sought lifting of the ban that was imposed during the oil embargo of the Arab countries in the 70-ies.

On Wednesday, world oil prices again fall.

Futures for Brent crude on London’s ICE Futures exchange to 8:00 Moscow time fell by 0.4% to $38,31 per barrel. Futures price for WTI crude oil in electronic trading on the new York Mercantile exchange (NYMEX) fell by 0.75% to us $37,07.

Cancel the United States ban on crude oil exports will not affect world market, said on Tuesday OPEC Secretary General Abdullah al-Badri.

“The net effect from the export of American oil to market will be zero, he said Tuesday, speaking in new Delhi. – It will have no impact on prices, since the US is still importing country”.

“They export some volumes, but they need to import the same amount from somewhere else”, – quotes its words Bloomberg. USA can export the “easy” oil from shale deposits and continue to buy abroad more “heavy” classes, as explained by the head of OPEC.