The US one step closer to lifting oil export ban

In spite of a record low oil price on the global market, the chances of the US opening up for oil export in the near future are growing. The matter will be featured on Washington's political agenda in September.

Photo: DHT

Even though a long list of the international and hard-pressed oil majors will likely heave an anguished sigh, many factors indicate that cheap North American oil could soon be streaming into the global market.

As early as September, the US Congress, or more specifically, the House of Representatives, will likely vote on whether the country should repeal the ban on exporting US crude oil - a ban that has been in place since 1973 - reports the Wall Street Journal.

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