US to allows some crude oil trading with Mexico, further easing longstanding export ban

EnergyAssociated Press

The U.S. is easing its longstanding ban on crude oil exports by allowing limited trade with Mexico.

That's according to a senior Obama administration official who wasn't authorized to comment by name and requested anonymity.

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Mexico's state-run oil company Petroleos Mexicanos, or Pemex, has sought to import about 100,000 barrels of light U.S. crude a day. Last year it proposed a deal in which the U.S. would trade the light crude for heavier Mexican crude.

The official says the Commerce Department is approving some license applications for the exchange of similar amount of U.S. and Mexican crude.

Congress has pressed the Obama administration to lift the crude oil ban, with Republicans arguing it would make the U.S. an energy superpower. The ban has been in place for four decades.