Export ban under pressure from US crude oil glut

Shale samples being tested at exploration and production company Chesapeake Energy's analysis centre in Oklahoma City (photo: dpa)
Shale samples being tested at exploration and production company Chesapeake Energy's analysis centre in Oklahoma City (photo: dpa)

The US ban on crude oil exports, introduced in the wake of the 1973 Arab oil embargo, is being challenged because advances in technology have vastly increased production and decreased the need for imports. The shale oil industry produces light crude. There is now a glut and some restrictions on its export have already been lifted. But this move raises issues for energy markets all around the world.

Export ban under pressure from US crude oil glut

<em>As a result of technological advances in extracting and producing ‘tight oil’, also known as shale oil, the United States is now delivering eight million barrels per day, pushing it above 10 per cent of the world’s tota...

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