Oil exports from the U.S. rose to the highest level in almost 100 years

Crude oil exports from the U.S. in may rose to 662 thousand barrels per day, according to data from the Bureau of U.S. census (Census Bureau). This is a record level since at least 1920, reports Reuters.

The largest importer was Canada, which received 308 thousand barrels. Followed by the Netherlands (110 thousand Barr.), Curacao (67 thousand barrels), United Kingdom (36 thousand barrels), Japan (29 thousand barrels). and Italy (23 thousand Barr.).

Oil exports started to rise after U.S. authorities removed the ban in force. On December 16, the U.S. Congress approved the lifting of the export ban. After President Barack Obama finally approved the decision. The ban was legislated in 1975 after the oil crisis of the early 1970-ies. At the end of last week, President Barack Obama signed the draft budget for 2016 that envisages lifting the ban on oil exports.

At the end of December last year, the Texas Enterprise Products has become the first in 40 years by the American company, signed a contract for export. It was reported that the buyer is a Dutch company Vitol Group. On January 21 in Europe was the first to arrive after the lifting of restrictions tanker with American oil.

This week, a Norwegian consulting company Rystad has released a study according to which the United States has surpassed Russia and Saudi Arabia in recoverable oil reserves. So, the United States there’s 264 billion barrels vs 256 billion and 212 billion barrels of the nearest competitor. The Minister of natural resources Sergey Donskoy called the reports “speculative attempt to influence the market”.