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Iran could challenge US crude oil plans

While the US is planning to ease its grip on the country's crude oil exports, a new rival has entered the field. Iran is now selling cheaper high quality oil to China, leaving little room for the US, according to Reuters.

The US is slowly loosening its grip on the 40-year ban against crude oil exports. But the Americans could face an unexpected rival in Iran, which after being - and still being  - subject to sanctions from the West, is currently selling cheap high quality oil to the Chinese.

A development that could challenge the United States' plans for crude oil exports, where the country has at first opened up for the export of a crude oil condensate, which leaves little room on the Chinese market, according to Reuters.

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