Obama Administration Opens Crude Exports to Mexico Jack Phillips - Jewish Business Directory
go to original August 15, 2015

The U.S. Department of Commerce on Friday told Congress it plans to approve contracts to export crude oil to Mexico, lifting a four-decade, unofficial ban on selling oil south of the border. (wochit Business )

U.S. refiners in the Southwest will obtain a new supply of Mexican heavy oil, which is a better fit for them than much of the lighter crude coming in from domestic sources. The move may also bring the U.S. one step closer to lifting its oil embargo.

The U.S. Commerce Department has quietly informed members of Congress that it intends to approve an application by Mexico’s national oil company, Petró leos Mexicanos SA, to enter into oil trade agreements with U.S. companies under which the companies could exchange U.S. and Mexican oil, according to people familiar with the matter.

Mexico applied for a crude oil swap eight months ago after the US signalled that it was ready to relax the rule, which has been put under pressure by the huge expansion of production. The shipments, likely to be lighter, high-quality shale oil, will help Mexico’s aging refineries produce more premium fuels.

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