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The US eases ban on oil exports

The US Department of Commerce has expanded the definition of the ban on crude oil exports, according to Bloomberg.

The US Department of Commerce has opened the door a little wider for increased export of US crude oil following a total ban that has been in place for four decades, reports Bloomberg.

The Department has expanded its definition of what has traditionally been classified as refined products. This means that an increased amount of oil from the US shale production can be exported, provided it has been through a light distillation process.

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