U.S. Eases 40-Year Crude Export Ban by Allowing Mexico Swap

U.S. Eases 40-Year Crude Export Ban by Allowing Mexico Swap

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The U.S. agreed to allow some crude to flow to Mexico in the latest step toward easing a 40-year ban on most domestic oil exports.

Up to 100,000 barrels a day of light oil and condensate will be exchanged for heavy Mexican crude, according to Petroleos Mexicanos, the state-owned oil company. Canada is the only other nation that is exempt from the prohibition on exports. Requests from less than a dozen other unidentified countries to import U.S. crude were denied, said a senior administration official who asked not to be named according to U.S. policy.

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