Exxon Mobil for the first time in more than 40 years, has started to export oil from USA

After the small independent traders exporting oil outside the U.S. after the lifting force more than 40 years of prohibition of starting the largest oil producers. The first export deliveries of crude oil was launched by Exxon Mobil, according to Bloomberg.

The Agency attributed the policy change Exxon’s attempt to find new customers outside the domestic US market, where supply exceeds demand, and inventory levels of crude oil jumped the most in almost 90 years.

“We do not comment on details of private commercial agreements, however, oil exports from the U.S. is now one of the available commercial opportunities, which we may use from time to time,” he told Bloomberg in Exxon.

According to sources Bloomberg, Exxon put American oil to its own refinery, located in Sicily. An oil tanker from Exxon left the port of beaumont and recently arrived in the Sicilian port of Augusta.

A ban on the export of American oil was withdrawn on 19 December 2015, and the first shipment from the USA arrived in Europe on 21 January 2016. However, until now the us has exported only oil traders, including Vitol and Trafigura, for the supply of earning money cheaper compared with North sea Brent of WTI crude oil at refineries in the Mediterranean.

Experts expect that the export of WTI will halt the fall in oil prices vnutriarterialno the market was under pressure due to a sharp growth of inventories, which reached its highest level since 1930. Just last week oil stocks in Cushing, the main U.S. commodity hub, increased by 66 million barrels.

In early February the U.S. for the first time after the lifting of the export ban put oil in the country which is a member of OPEC. It was bought by the Venezuelan state oil company Petroleos de Venezuela SA (PDVSA), which has the largest oil reserves in the world, but to bring light grades of oil from abroad, mixing them with heavier oil. In 2015, the company imported approximately 40 thousand barrels. in day of Russia, Nigeria and Angola.